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Grain prices plummeted, with corn down nearly 6 percent as funds exited positions after U.S. crop prospects improved. USDA data showed the corn crop rated unchanged at 75 percent good or excellent.
Forecasts pointed to wetter, cooler weather in July, reducing the likelihood of hot, dry conditions.
Better crop ratings and a lower risk of heat during pollination reduce expected U.S. corn supply risk. Fund liquidation adds downward price pressure on top of the improved fundamentals.
northernag.netJun 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.
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.
