# Market Perspectives – June 17, 2021 - U.S. Grains & BioProducts Council

> July corn futures fell 51.5 cents (7.5%) in the week to June 17, 2021, as fund selling and long liquidation hit the CBOT. Models shifted toward more rain for the Corn Belt and cooler eastern weather, and the U.S. dollar index rallied sharply.

- Date: 2021-06-17 · published 2021-06-17T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/7305-market-perspectives-june-17-2021-u-s-grains-and-bioproducts-council
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [DDGS](https://feedsoft.ai/c/DDGS.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Improved near-term rainfall forecasts reduce drought premium in corn, soybeans and wheat, pushing feed grain prices lower for buyers. Continued dollar strength adds further downward pressure on dollar-denominated grain prices.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- DDGS: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SOY | 2021-06-16 | 5 | -11.8% | -5.5 | Fund liquidation, rainier Corn Belt models and a sharply higher dollar drove weekly grain losses that spilled into soybeans. |
| WHEAT | 2021-06-25 | 5 | -6.6% | -2.9 | Fund long liquidation and a sharply stronger dollar index hurt CBOT grains broadly, with spillover to wheat. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2016-06-23 | [Market Perspectives June 23, 2016 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/10239-market-perspectives-june-23-2016-u-s-grains-and-bioproducts-council.md) | -8.0% | -10.0% |
| WHEAT | 2024-08-01 | [Market Perspectives - August 1, 2024 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12103-market-perspectives-august-1-2024-u-s-grains-and-bioproducts-council.md) | +5.0% | -2.7% |
| WHEAT | 2019-07-31 | [Summer cools grain markets \| Global Perspective \| The Land \| NSW](https://feedsoft.ai/events/58139-summer-cools-grain-markets-global-perspective-the-land-nsw.md) | -1.2% | -0.4% |
| WHEAT | 2024-02-08 | [La Niña in 2024 could drive grain prices: Grain market daily \| AHDB](https://feedsoft.ai/events/31588-la-nina-in-2024-could-drive-grain-prices-grain-market-daily-ahdb.md) | -4.2% | -1.8% |
| WHEAT | 2016-06-17 | [Futures File: Petro production picks up; Wheat market wilts – Greeley Tribune](https://feedsoft.ai/events/11731-futures-file-petro-production-picks-up-wheat-market-wilts-greeley-tribune.md) | +3.0% | -8.0% |
| SOY | 2024-08-01 | [Market Perspectives - August 1, 2024 - U.S. Grains & BioProducts Council](https://feedsoft.ai/events/12103-market-perspectives-august-1-2024-u-s-grains-and-bioproducts-council.md) | -0.8% | -6.8% |
| SOY | 2024-07-10 | [U.S. grains: Soy futures fall to 2020 low on strong US crop prospects](https://feedsoft.ai/events/11196-u-s-grains-soy-futures-fall-to-2020-low-on-strong-us-crop-prospects.md) | -6.1% | -11.5% |
| SOY | 2024-01-29 | [U.S. grains: Soy hits 2-yr lows on South American crop prospects, demand worries - Manitoba Co-operator](https://feedsoft.ai/events/6842-u-s-grains-soy-hits-2-yr-lows-on-south-american-crop-prospects-demand-worries.md) | -1.7% | -6.1% |

## Sources

- grains.org: https://grains.org/ddgs_report/ddgs-weekly-market-report-june-17-2021/
- grains.org: https://grains.org/market_perspectives/market-perspectives-june-17-2021/

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