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Corn, wheat, soybeans and crude oil fell sharply on November 30, 2021 as a global risk-off sell-off spread on concerns about the Omicron COVID variant. March corn dropped 14.75 cents to $5.67 1/2, the lowest close since Nov.
9, and January soybeans fell near a three-week low. Consultant Michael Cordonnier cut his Brazilian corn crop estimate by 1 MMT to 117 MMT on dry conditions in Rio Grande do Sul.
Demand fears from the new variant pressured prices across grains and energy, while the Brazilian crop cut offers limited support given strong ethanol demand. Lower crude and risk sentiment weigh on feed and oilseed values.
profarmer.comPro Farmer EditorsDec 1, 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.
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.
