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CBOT corn and soybean futures fell on weakening US export demand as the South American harvest approaches. Soybeans dropped 1.8 percent and corn 0.9 percent, with weekly export sales at marketing-year lows.
Wheat also declined on profit-taking after KC hard red winter wheat hit a 4.5-month high.
Weak US export sales and expected Brazilian and Argentine supply point to continued pressure on US corn and soy prices. Cheaper US feed grains could ease feed costs in the near term.
jamestownsun.comReuters MediaJan 6, 2017After 683 past bearish trade events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 803 past bearish trade events, SOY moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 384 past bearish trade events, SBM moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 375 past bearish trade events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
