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Grain and oilseed futures closed sharply lower on May 2 as broad risk aversion followed renewed US regional banking worries. July corn fell to a nine-month low close, July SRW and HRW wheat hit multi-month lows, and July soymeal and soybeans also declined.
Broad risk-off selling and a record US planting pace are weighing on feed grain and meal prices, which lowers feed input costs for buyers. Live hog futures bucked the trend, rising on firmer cash and wholesale markets.
profarmer.comPro Farmer EditorsMay 2, 2023Not 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.
Directly describes the May 2 sharp sell-off in grains, with HRW wheat hitting multi-month lows amid risk aversion from renewed US regional bank worries (sentiment/fund liquidation).
On May 2 risk aversion from US bank worries pushed HRW wheat to multi-month lows, setting up the oversold base from which the subsequent rebound was measured and adding volatility.
Broad risk aversion from regional bank worries drove sharp losses across grains, indicating cross-market selling pressure that likely spilled into cattle.
Broad risk aversion from regional bank worries on May 2 hit commodity futures generally, adding to selling pressure in cattle.
