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Corn futures fell on Wednesday as the US dollar extended gains against major currencies. USDA data showed US farmers had harvested 6 percent of soybeans and 8 percent of corn, and corn sales to China and other buyers continued.
December corn closed at $3.68 a bushel after trading between $3.65 and $3.70.
A stronger dollar makes US corn less competitive in export markets and weighs on futures. Steady export sales provide some support, but the currency move dominated the session.
economies.comRami HaddadSep 23, 2020After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
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.
