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U.S. corn futures fell to contract lows and soybeans slid to 3.5-month lows on favorable crop weather and weak demand. Short covering and technical buying then pared the losses.
Rising wheat futures also gave some support.
Benign Midwest weather is improving yield prospects, which pressures corn and soymeal-linked feed costs, though technical rebounds show support near current levels.
manitobacooperator.caGFM Network News, Karl PlumeSep 9, 2019After 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 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
Reports corn falling to contract lows on 2019-09-09 on favorable crop weather and weak demand, directly describing the move's day, though it also notes a partial technical bounce.
