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Chicago corn fell more than 2% and soybeans dropped to a six-week low on June 17, 2021, as forecasts for cooler, wetter U.S. weather and a strong dollar rise weighed on prices. Reports that the EPA was considering relief for refiners on biofuel blending mandates also pressured soybeans and soyoil.
Lower weather risk premium and a possible cut to biofuel demand reduce expected soybean crush and soyoil usage, lowering prices for soybean meal and feed inputs. Dollar strength further pressures U.S. commodity prices.
cnbcafrica.comReutersJun 17, 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 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.
After 49 past bearish weather events, Soybean Oil moved a median -0.5% over 5 sessions (43% higher; middle half -3.2% to +1.0%), and -0.3% 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.
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.
Wheat followed corn lower on June 17 as the stronger dollar and wetter U.S. forecasts weighed on grains.
