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Corn futures fell on fund and technical selling, capping a bearish week, as forecasts called for broad Midwest rain. Soybean meal was lower on commercial selling while soybean oil was mostly higher.
Mexico bought 228,600 tons of new-crop US soybeans, and China bought no US corn last week.
Rain forecasts ease crop stress during key development stages, reducing the weather premium in corn, and weak export demand from China adds downside pressure. Soybean meal weakness reflects softer crush demand for meal.
brownfieldagnews.comJul 9, 2021After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
