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CBOT wheat, corn and soybeans fell on June 21, 2021, with July corn down about 13.5 cents. Rain in parts of the U.S. Midwest eased dryness concerns, while Russian new-crop wheat export prices fell on expectations of a good Black Sea harvest.
China's May corn imports rose to 3.16 million tonnes.
Rain-driven easing of U.S. drought risk and cheaper Black Sea wheat supplies weigh on feed grain and wheat prices. Strong Chinese import demand provides only partial support.
brecorder.comReutersJun 21, 2021After 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 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
On June 21 wheat fell 9-11 cents on Midwest rain and lower Russian new-crop export prices, with expectations of a good Black Sea harvest adding supply pressure.
Same-day (June 21) CBOT wheat selloff on Midwest rain easing dryness concerns and lower Russian new-crop export prices from a good Black Sea harvest outlook, which directly pressures SRW.
