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Soybeans fell more than 3% and some wheat contracts lost over 4% on Tuesday, with corn losses in double digits. Traders cited ample overseas competition, large Brazilian crops and favorable U.S. weather, and crude oil also fell more than 4%.
Brazilian export competition and benign U.S. weather weigh on grain prices, and lower crude reduces biofuel and feed-cost support.
feedstuffs.comBen PotterMay 30, 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.
Dated the day after the move (May 30), it describes double-digit corn losses on large Brazilian crops, favorable US weather and falling crude, so it likely reflects the same selling pressure, but it cannot be the cause of a drop ending May 29.
Broad grain selloff on May 30 driven by ample Brazilian supply, favorable US weather and falling crude oil signals bearish sentiment that plausibly carried into the June 5 drop, though it predates the move by several days.
