
Grain and oilseed markets bounced on Friday, with December corn up about 5 cents and Chicago wheat up 11 cents after wheat hit eight-month lows. Black Sea attacks resumed after Abu Dhabi talks failed to secure a safe shipping corridor, and the Climate Prediction Center said a strong to very strong El Niño is likely through early 2027.
Renewed Black Sea disruption and a strengthening El Niño raise the risk of tighter wheat, corn and South American crop supply, supporting feed grain and oilseed prices. Beans and meal gains add to the firmer tone for protein feed.
After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% 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.