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The USDA Market Perspectives report notes May corn futures fell 15 cents in the week ahead of the March WASDE, with funds holding large long positions. Argentina faces a renewed dry spell into mid-March with above-average temperatures, prompting some analysts to trim second-crop corn yield expectations.
Argentine dryness could cut second-crop corn output and support prices, though minimal losses are expected given adequate soil moisture.
grains.orgMar 4, 2021After 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.
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.
