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Grain prices rallied in early July on hot, dry weather, but that momentum faded as traders shrugged off large Chinese corn and soybean purchases. Forecasts for rain and milder temperatures across the Midwest weighed on the market, along with the July WASDE report.
Benign Midwest weather reduces the drought risk premium, pressuring corn and soybean prices. Chinese buying has not offset that weather-driven selling pressure.
farmprogress.comBen PotterJul 15, 2020Not 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.
