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Grain futures retreated at the start of 2024 amid broad risk-off selling that also hit energy and pushed the US dollar higher. March corn set new closing lows and funds held a net short near 178k contracts, while March soybeans fell after beneficial rains in Brazil.
Brazilian rains reduce crop risk for soybeans and the large fund short adds potential for short-covering rallies, but the current trend remains bearish for corn and soybeans.
bluelinefutures.comBlueLineFuturesJan 3, 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.
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.
