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Chicago soybean, corn and wheat futures settled lower on July 1 after early gains, as improved US weather outlooks boosted crop prospects. The August soybean contract fell 14-3/4 cents to $8.89-3/4, and September corn fell to $4.15-1/2.
Better weather for delayed crops is bearish for corn and soybean prices by expanding expected production. Renewed trade talks provided only brief support, with traders doubting progress.
agcanada.comAGCanadaJul 2, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
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.
