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Chicago corn futures fell on May 10, 2021 after rallying to an eight-year high on supply concerns. Wheat dropped 1.2% to $7.53 a bushel and soybeans fell 0.5% to $15.82 a bushel as traders awaited the USDA supply-demand report.
A NAB economist noted reduced animal feed demand at higher price levels.
Higher corn prices are cutting feed-sector demand, which can cap further gains and limit feed cost increases for buyers.
reuters.comNaveen ThukralMay 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 Reuters report of corn retreating from an 8-year peak with wheat lower as traders squared positions before WASDE; wheat is following corn.
Corn was already easing from its eight-year peak on May 10, and higher prices were reducing feed demand, which marked the start of the reversal.
