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Corn, soybeans and wheat all fell for a fourth straight session on April 24, 2023, after a large corn sale cancellation and weak export inspections triggered technical selling. Corn hit an eight-month low, soybeans fell about 1.25%, and wheat losses varied widely.
Crude oil rose about 1% to $78 per barrel on Chinese demand optimism.
Cancelled export sales and soft inspections signal weaker foreign demand for US grain, pressuring feed grain prices. Routine technical selling and crude moves add to the bearish tone for corn and soymeal.
feedstuffs.comBen PotterApr 24, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
A fourth straight session of technical selling on April 24, triggered by the corn sale cancellation and weak export inspections, directly explains the sharp one-day drop in grains including wheat.
