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Chicago, Kansas and Minneapolis wheat, corn and soybeans fell sharply in overnight trade. China cancelled 280,000t of current-crop US corn purchases but added 1.02Mt of new-crop buying.
AgRural cut its Brazil corn estimate to 95.5Mt, and reports said Russian conditions were too wet.
China's cancellation of US corn cargoes weighs on export demand, while cuts to Brazil's corn crop support prices. Wet Russian conditions add to uncertainty over the wheat supply outlook.
graincentral.comGuest AuthorMay 11, 2021After 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 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% 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.
Overnight selloff in Chicago, Kansas and Minneapolis wheat and corn, with China cancelling US corn purchases, extended the correction in grains.
