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Corn and soybean futures fell as Chinese protests against strict Covid lockdowns spread across the country. Most 2022 corn contracts traded between $6.60 and $6.70 per bushel, and weekly export sales were reported by USDA.
Concern over Chinese consumption weakens demand expectations for feed grains and soybeans, pressuring prices. Mexico's strong weekly corn purchases provide some offsetting support.
beachnergrain.comNov 28, 2022After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 53 past bearish geopolitics events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -1.9% to +1.2%), and +1.0% over 20.
After 80 past bearish geopolitics events, Wheat (SRW) moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% 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.
Corn and soybean futures fell on 2022-11-28 as Chinese Covid lockdown protests spread, raising fears of weaker Chinese demand, which is the most direct driver of the one-day drop.
