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July corn closed up 12.75 cents and July soybeans up 22.75 cents, breaking a seven-session losing streak in corn. CBOT wheat fell 7.25 cents while KC wheat rose 1.75 cents.
Analysts linked the gains partly to a proposed Brazilian tax package that would remove tax credits on grain trading and freight.
A proposed removal of Brazilian tax credits would raise Brazilian ag costs and could shift demand to US grain, though the bill is still only proposed.
agriculture.comCassidy WalterJun 6, 2024Not 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.
Corn's 12.75-cent rally on June 6 broke a seven-session losing streak and was tied partly to the Brazilian tax proposal, which signals short-covering and a sentiment shift that likely carried into the move ending June 10.
