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Corn fell by $0.02-0.03 a bushel on broad ag weakness and Brazilian weather forecasts favoring larger crops. The EPA proposed increased renewable fuel blending volumes for 2023 through 2025, which limited losses in corn.
Soybeans and soyoil also sold off on Argentine selling.
Larger expected Brazilian crops add export competition and pressure US corn and soy prices. Higher biofuel mandates support domestic demand for soyoil and corn-based ethanol, partly offsetting that pressure.
theseam.comDec 1, 2022After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 369 past bearish policy events, Soybeans moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), 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.
