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U.S. wheat futures rose about 1.5 per cent on firm cash markets, and soybeans and corn gained ahead of Trump-Xi trade discussions at the G20 summit in Argentina. Wheat's biggest gains came after thinly traded December contracts surged on the lack of deliveries against them.
A possible U.S.-China trade deal could lift soybean and corn demand, and firm cash wheat values point to tight nearby supply, while funds' net short positions add upside risk.
grainews.caGFM Network NewsNov 30, 2018After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Corn and soybeans gained Nov 30 ahead of the Trump-Xi talks, adding to the weekly advance via trade optimism.
