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Grain futures closed lower across the board on March 18 after a crude oil sell-off of nearly 7%, with WTI down to $60. Chicago, Kansas and Minneapolis wheat, corn, soybeans and canola all fell, and a strong Philadelphia Fed manufacturing reading provided little support.
Export sales to China continued, including a flash sale of 0.7 Mt of US corn.
Lower crude oil weakens the energy complement to biofuel demand and pressures grain and oilseed values, while continued Chinese corn purchases provide some offsetting demand.
graincentral.comGuest AuthorMar 18, 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.
