Loading…
Chicago corn fell for a fourth straight session to its lowest level in more than a month as widespread rains across the U.S. Midwest improved crop prospects. Soybeans edged lower and wheat ticked up on Black Sea crop concerns.
Commodity funds were net sellers of corn futures, triggering liquidation of long positions.
Rains ahead of pollination reduce the risk of yield losses, easing supply concerns and pressuring corn prices. Lower corn prices lower feed grain costs for buyers.
reuters.comJun 23, 2016After 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.
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.
