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Chicago corn fell to a three-year low and soybeans touched their lowest since December 2020 on February 7, 2024. Forecast rain in Argentina and Brazil eased dry-weather concerns and added to expectations of large South American supplies.
Improved South American crop prospects point to a global grain glut, which keeps pressure on corn and soybean prices until supply forecasts change.
theglobeandmail.comP.J. HuffstutterFeb 7, 2024After 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.
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.
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.
