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CBOT corn fell after forecasts turned cooler in the central Midwest, improving pollination weather, with new-crop corn down 25 cents. Canola, soybeans and palm oil were 10 to 15 percent below recent highs, and soybean oil sat about 15 cents off its highs.
Winter wheat harvest in Kansas was progressing.
Improved Midwest weather reduces yield risk and pressures corn and feed grain prices, while weaker palm and canola values lower vegetable oil and meal costs for feed buyers.
stonex.comCraig TurnerJun 14, 2022After 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.
Not enough comparable past events yet for a historical read.
After 29 past bearish weather events, Palm Oil moved a median -0.3% over 5 sessions (38% higher; middle half -2.2% to +0.6%), and -1.4% 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.
