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Chicago wheat fell 17-18 cents and corn dropped 10-20 cents as recession worries weighed on grains. Soybeans fell 27-33 cents and soymeal dropped $6.20/ton.
Corn also eased after a US official said Russian food and fertilizer shipments were not subject to sanctions, easing concerns over Ukrainian corn and Russian fertilizer access.
Easing concerns over Black Sea grain and Russian fertilizer flows lower prices, while global recession risk pressures demand for feed grains and meal.
theseam.comJun 23, 2022After 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 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% over 20.
After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% 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.
