# Funds spooked out of CBOT shorts by parched US corn, soy crops  | Reuters

> U.S. corn was only 55% good or excellent as of June 18, the worst week since 1992 and the lowest for any June or July week since 2012. December corn hit a new yearly high of $6.29-3/4 per bushel on Wednesday, surpassing the prior high of $6.11 set January 3. Funds have since reduced short positions as weather forecasts brought rain hopes, and December corn and November soybeans fell 1.6% and 2.4% over the last three sessions.

- Date: 2023-06-26 · published 2023-06-26T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/35509-funds-spooked-out-of-cbot-shorts-by-parched-us-corn-soy-crops-reuters
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Poor crop conditions threaten yields from a tight old-crop stock base, which supports corn and soybean prices. Forecast rain eased prices short term, but yield risk remains a bullish factor for feed costs.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-06-30 | 5 | -9.2% | -3.3 | Reuters notes December corn hit a yearly high June 21 then fell as rain forecasts eased weather fears and funds covered shorts, showing the weather premium was being unwound ahead of the period end. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-02-16 | [EXCLUSIVE: Exclusive: Paraguay soy crushers, hit by drought, risk running out of beans \| Reuters](https://feedsoft.ai/events/14053-exclusive-exclusive-paraguay-soy-crushers-hit-by-drought-risk-running-out-of.md) | +8.0% | +6.3% |
| SOY | 2024-05-07 | [Funds extend short covering in CBOT wheat on dry Russian crop](https://feedsoft.ai/events/6447-funds-extend-short-covering-in-cbot-wheat-on-dry-russian-crop.md) | -2.4% | -4.5% |
| SOY | 2023-06-29 | [US Midwest drought expands, but forecast rains offer relief to crops \| Reuters](https://feedsoft.ai/events/13268-us-midwest-drought-expands-but-forecast-rains-offer-relief-to-crops-reuters.md) | +5.2% | +5.6% |
| SOY | 2025-04-11 | [Argentina soy, once parched, now has too much rain \| Reuters](https://feedsoft.ai/events/13863-argentina-soy-once-parched-now-has-too-much-rain-reuters.md) | +0.7% | +1.5% |
| SOY | 2022-01-06 | [Heatwave to hit Argentina, further stressing corn, soybean crops \| Reuters](https://feedsoft.ai/events/14062-heatwave-to-hit-argentina-further-stressing-corn-soybean-crops-reuters.md) | +0.5% | +11.6% |
| CORN | 2024-05-22 | [Russian wheat shortfall a boon to US exporters of ... corn?](https://feedsoft.ai/events/4590-russian-wheat-shortfall-a-boon-to-us-exporters-of-corn.md) | +3.3% | +4.2% |
| CORN | 2023-06-29 | [US Midwest drought expands, but forecast rains offer relief to crops \| Reuters](https://feedsoft.ai/events/13268-us-midwest-drought-expands-but-forecast-rains-offer-relief-to-crops-reuters.md) | -2.5% | +2.0% |
| CORN | 2022-01-06 | [Heatwave to hit Argentina, further stressing corn, soybean crops \| Reuters](https://feedsoft.ai/events/14062-heatwave-to-hit-argentina-further-stressing-corn-soybean-crops-reuters.md) | +2.0% | +4.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/us/funds-spooked-out-cbot-shorts-by-parched-us-corn-soy-crops-2023-06-26/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.