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Corn and soybeans posted double-digit gains on Monday as bargain buyers entered after last week's technical selloff that pushed corn to its lowest since October 2021. Wheat rose more modestly.
Commodity funds were net sellers of corn, soybeans, soymeal and CBOT wheat on Friday.
The rebound is driven by technical buying after a sharp drop rather than new supply or demand news, so the price recovery may be short-lived. Feed buyers should expect continued volatility while prices stay near multi-year lows.
feedstuffs.comBen PotterMay 22, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Bargain buyers stepped in on May 22 after a technical selloff to the lowest corn prices since October 2021, producing the double-digit gain; short covering by funds likely amplified it.
