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Euronext September milling wheat settled up 3.25 euros at 210.25 euros a tonne on April 20, 2021, a new contract high. Chicago wheat rallied on frost risk to U.S. Plains crops, and Chicago corn neared an eight-year high.
Cold weather threatening U.S. and European wheat crops supports prices, and strong corn values support wheat as feed. Frost damage risk keeps upside pressure on feed grain costs.
cnbcafrica.comReutersApr 20, 2021After 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.
Chicago corn neared an eight-year high amid US frost risk, early in the rally.
