# U.S. grains: Corn, soy plunge on weather, broad commodities sell-off - AgCanada

> US corn and soybean futures fell sharply on Thursday on rain and cooler forecasts for the Midwest and broad commodity selling. CBOT July corn settled at its 40-cent daily limit, and wheat fell with seasonal harvest pressure after the Fed signaled faster rate hikes.

- Date: 2021-06-17 · published 2021-06-17T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/5762-u-s-grains-corn-soy-plunge-on-weather-broad-commodities-sell-off-agcanada
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Expected rain reduces weather risk for the new crop, and fund liquidation leaves prices vulnerable to further long liquidation.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2021-06-16 | 5 | -11.8% | -5.5 | Corn and soy futures plunged on rain and cooler forecasts plus broad commodity selling after the Fed's hawkish signal, which drove soybean weakness. |
| WHEAT | 2021-06-25 | 5 | -6.6% | -2.9 | Wheat fell on June 17 alongside limit-down corn amid broad commodity selling, hawkish Fed signals and seasonal harvest pressure. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2019-07-02 | [U.S. grains: Corn, soy ease on warmer weather - AgCanada](https://feedsoft.ai/events/58125-u-s-grains-corn-soy-ease-on-warmer-weather-agcanada.md) | -1.9% | -3.5% |
| WHEAT | 2019-09-11 | [U.S. grains: Soybeans, corn ease on crop-boosting weather - AgCanada](https://feedsoft.ai/events/9148-u-s-grains-soybeans-corn-ease-on-crop-boosting-weather-agcanada.md) | +2.1% | +1.0% |
| WHEAT | 2019-04-03 | [U.S. grains: Improving weather view weighs on wheat - AgCanada](https://feedsoft.ai/events/59643-u-s-grains-improving-weather-view-weighs-on-wheat-agcanada.md) | +3.3% | -2.9% |
| WHEAT | 2019-04-29 | [U.S. grains: Corn firms as rains stall planting - AgCanada](https://feedsoft.ai/events/10955-u-s-grains-corn-firms-as-rains-stall-planting-agcanada.md) | -4.1% | -0.2% |
| WHEAT | 2018-06-19 | [U.S. grains: Corn at contract lows, soy dips below $9 - AgCanada](https://feedsoft.ai/events/10574-u-s-grains-corn-at-contract-lows-soy-dips-below-9-agcanada.md) | -0.7% | -3.1% |
| SOY | 2019-07-02 | [U.S. grains: Corn, soy ease on warmer weather - AgCanada](https://feedsoft.ai/events/58125-u-s-grains-corn-soy-ease-on-warmer-weather-agcanada.md) | -0.3% | -0.8% |
| SOY | 2019-09-11 | [U.S. grains: Soybeans, corn ease on crop-boosting weather - AgCanada](https://feedsoft.ai/events/9148-u-s-grains-soybeans-corn-ease-on-crop-boosting-weather-agcanada.md) | +4.0% | +7.1% |
| SOY | 2017-03-07 | [U.S. grains: Soy, corn fall on Brazil crop expectations - AgCanada](https://feedsoft.ai/events/72036-u-s-grains-soy-corn-fall-on-brazil-crop-expectations-agcanada.md) | -3.0% | -8.6% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/u-s-grains-corn-soy-plunge-on-weather-broad-commodities-sell-off
- grainews.ca: https://www.grainews.ca/daily/u-s-grains-corn-soy-plunge-on-weather-broad-commodities-sell-off/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.