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Corn prices fell more than 30 cents over the prior 12 sessions. Dryness in parts of Russia was intensifying and could widen, while Brazil's second-crop corn appeared stabilized.
Market participants awaited the USDA June supply and demand report.
Possible Russian drought cuts Black Sea corn supply and could add risk premium, offering some support after heavy selling, though strong U.S. crop ratings limit upside.
farmprogress.comKevin Van TrumpJun 11, 2018After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), 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.
Notes corn's 30+ cent slide over prior sessions and pre-WASDE positioning; Russian dryness was only a partial offset, so it describes the selling trend.
