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Speculators made one of their biggest weekly sell-offs in Chicago corn as a strong Brazilian crop, fast U.S. planting and weak U.S. export demand pushed futures to nine-month lows. Corn later found some support from Ukraine export worries and strength in wheat despite record-low weekly U.S. export sales after China cancelled cargoes.
Large fund selling reflects expectations of ample global corn supply from Brazil and weak U.S. export demand, which points to continued pressure on CBOT corn prices. Brazilian competition also weighs on U.S. export prospects for feed buyers.
reuters.comKaren BraunMay 9, 2023Not 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.
