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Corn, soybeans, cotton and wheat fell over the week in Tennessee market commentary. Increased rain forecasts for the Corn Belt and the U.K. vote to leave the European Union were cited as the main drivers.
The author expects both factors to keep weighing on commodity markets.
Rain forecasts reduce weather-related supply risk for U.S. feed grains and oilseeds, while the Brexit-driven dollar strength lowers commodity prices in dollar terms. Both factors point to lower feed input costs in the near term.
news.utcrops.comChuck Danehower, Extension Area SpecialistJun 24, 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.
