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Corn and wheat futures fell on May 10, 2021 as planting progress pressured prices and traders took profits ahead of the USDA WASDE report. Corn finished down 2.5% to 3.25% and most wheat contracts fell 4.5% to 5.75%, while soybeans were little changed.
NOAA forecasts showed little rain for the Midwest and Plains before a wetter pattern returned to the Corn Belt in mid-May.
Faster planting and profit-taking ahead of the USDA report reduce near-term support for corn and wheat prices. Soybeans held steady, so the pressure was concentrated in grains.
mcgg.netMay 10, 2021Not 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.
Same-day recap shows wheat contracts down 4.5-5.75% on planting progress and profit-taking ahead of WASDE, directly describing the move.
