Corn futures recorded a sixth consecutive weekly decline, wheat a tenth and soybeans a fourth, according to GCMA’s week 45 report. The article links the downward trend to US crop expectations and fund activity, and says dry forecasts could help US harvest progress; corn futures were down 16% over six weeks and December wheat contracts in Chicago and Kansas were down 25% over ten weeks.
Continued harvest progress and expectations of ample US supplies can increase near-term availability and weigh on grain prices, although the report also notes private forecasts for lower corn yields and production than in October.
After 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 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.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
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.