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Chicago wheat, corn and soybean futures fell sharply on November 6 as early US election results showed Donald Trump in the lead. Wheat fell 1.5% to $5.63-3/4 per bushel, soybeans dropped 1.9% to $9.83, and corn lost 0.9% to $4.14-3/4.
Expectations of trade barriers and a stronger dollar reduce US grain export competitiveness and pressure futures. Analysts expect prices to recover if demand holds, as the market had already fallen to four-year lows.
brecorder.comReutersNov 6, 2024After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
