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Chicago corn futures rose to their highest level in 6.5 years after Argentina announced it would halt corn export sales because dry weather threatens its harvest. The most active CBOT corn contract gained about 1.1% to $4.81 a bushel and rose 23.5% over 2020.
The Argentine agriculture ministry said exports would stop until February 28 to secure local food supplies.
An export halt from a major supplier tightens global corn trade at a time of weather risk in South America. Feed buyers should expect firmer corn prices and higher costs for imported supplies.
zmp.deDec 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.
