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Soybeans, corn and wheat were sharply lower on fund and technical selling, following a broader market decline tied to COVID variant concerns and Fed comments. Unknown destinations bought 132,000 tons of 2021/22 U.S. soybeans, while Australia was expected to produce a record canola crop.
EPA renewable fuels mandate uncertainty also weighed on corn sentiment.
Broad risk-off selling and a large expected Australian canola crop add bearish pressure, though modest export buying offers some support. Uncertainty over biofuel mandates could weigh on corn and soyoil demand.
brownfieldagnews.comNov 30, 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.
Describes fund and technical selling in soybeans tied to COVID variant fears and Fed comments, the same risk-off driver that likely hit meal, though dated after the move.
