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Chicago corn futures fell after improving rains in Argentina eased crop concerns, following a rally driven by export sales the prior Friday. Wheat neared a three-month low on favorable US Great Plains and Black Sea weather.
Soyoil rose to its highest level since 2012.
Better South American crop prospects reduce competition for supply concerns and pressure corn and wheat prices. Strength in soyoil, however, supports soybean values.
agcanada.comAGCanadaMar 22, 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 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
