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May corn futures fell about 7 cents (1.3%) in the week after USDA's March WASDE left the U.S. corn, soybean and wheat balance sheets unchanged. Funds and weak longs liquidated positions, pushing futures toward technical support.
Attention shifted to the March Prospective Plantings report.
With no bullish change in U.S. balance sheets, prices lost support from fund buying, which points to softer corn prices until new acreage data arrives.
grains.orgMar 11, 2021grains.orgMar 11, 2021grains.orgMar 11, 2021After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
May corn fell after the unchanged WASDE as funds and weak longs liquidated positions toward technical support, which fits the sharp decline.
May corn fell as USDA's March WASDE left balance sheets unchanged, triggering fund liquidation and a move toward technical support.
