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US grain and soybean futures declined as financial markets fell, with the S&P 500 confirming a bear market and investors expecting an aggressive Federal Reserve rate hike. Wheat also faced harvest selling and a strong dollar that weighed on US exports.
Most-active wheat was down 15-3/4 cents to $10.55-1/4 a bushel.
A stronger dollar and rate-hike expectations hurt US export competitiveness and risk-off sentiment pressures grain futures lower.
brecorder.comReutersJun 15, 2022After 69 past bearish macro events, WHEAT moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 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, SOY moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 2,356 past bullish macro events, DXY 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.
