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CBOT corn futures hit a 6-1/2-year high on Wednesday, extending gains to a 13th straight session. Argentina's agriculture ministry said it would suspend corn exports until March 1 to protect domestic supplies, and dry South American weather added to supply concerns.
March corn settled at $4.74-1/2 a bushel, the highest most-active level since May 2014.
Argentina is a major corn exporter, and a suspension of about 4 million tonnes removes supply from the world market during a dry spell. This tightens global corn availability and supports higher feed corn prices.
brecorder.comReutersDec 31, 2020After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% 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.
Corn hit a 6.5-year high on Argentina's export suspension and dry weather, building momentum into the window.
