# Corn Closes up 12¢ | Thursday, June 6, 2024

> 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.

- Date: 2024-06-06 · published 2024-06-06T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6152-corn-closes-up-12-thursday-june-6-2024
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

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.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bearish ▼
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-06-10 | 1 | +5.1% | 5.4 | 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. |

## Sources

- agriculture.com: https://www.agriculture.com/grains-rallying-this-morning-or-thursday-june-6-2024-8659264

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