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Grain futures closed sharply lower on July 5, 2022, with July corn down 18 cents to $7.36 and July soybeans down 51 cents to $15.75, after a slump in vegetable oil prices and fund liquidation across stock, energy and grain markets. USDA crop progress showed corn and soybean conditions declining while spring wheat ratings improved, and the dollar hit a 20-year high.
A broad fund sell-off and a stronger dollar weigh on US export competitiveness and futures values, while the lower condition ratings give some support to corn and soybean prices.
agriculture.comAl KluisJul 5, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
July 5 grain collapse driven by fund liquidation, a 20-year-high dollar and a vegetable oil slump directly coincides with the wheat drop through sentiment and currency pressure.
Same-day fund liquidation across energy and grain markets and a 20-year-high dollar indicate broad risk-off selling that included crude.
