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UK feed wheat futures for Nov-23 closed at £207.50/t, and Chicago soyabean futures rose 14% over two weeks to $505.91/t, the highest since March 6. Dry US Midwest weather and a German forecast cut of 2.9% in the wheat crop were cited as support, and the Bank of England raised rates to 5%.
Soyabean and wheat gains driven by US drought and German crop losses tighten feed grain and oilseed supplies, supporting higher feed ingredient prices.
ahdb.org.ukJun 22, 2023After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
