# Oil rallies as grain markets tighten, dollar falls on Fed Chair comments

> Oil prices rose about $1.22 to $1.34 a barrel as corn and soybean prices reached multi-month highs. Corn futures rose 5.2% after a government report showed much of the US crop stressed by dry conditions, while the dollar fell after Fed Chair Powell signaled rates nearing their peak.

- Date: 2023-06-21 · published 2023-06-21T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/9771-oil-rallies-as-grain-markets-tighten-dollar-falls-on-fed-chair-comments
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Crop shortfall expectations lift corn and soybean prices, and a weaker dollar supports commodity demand, raising feed input costs for buyers.

## Read by commodity

- DXY: bearish ▼
- SOY: bullish ▲
- WTI: bullish ▲
- CORN: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-08-14 | [Why have markets rallied while US crop estimates grow? Grain Market Daily \| AHDB](https://feedsoft.ai/events/11344-why-have-markets-rallied-while-us-crop-estimates-grow-grain-market-daily-ahdb.md) | +0.7% | +7.2% |
| CORN | 2021-07-06 | [Weather, tight stocks dictate grain markets](https://feedsoft.ai/events/46120-weather-tight-stocks-dictate-grain-markets.md) | -1.9% | -12.4% |
| CORN | 2021-07-16 | [Prices rally as Russian crop reduces: Grain market daily \| AHDB](https://feedsoft.ai/events/46105-prices-rally-as-russian-crop-reduces-grain-market-daily-ahdb.md) | -0.1% | -1.0% |
| CORN | 2020-12-08 | [ANALYSIS: Ukraine's terminals compete as grain exports fall short - Fastmarkets](https://feedsoft.ai/events/49506-analysis-ukraine-s-terminals-compete-as-grain-exports-fall-short-fastmarkets.md) | +0.1% | +9.5% |
| CORN | 2019-05-14 | [Weather, China, carryout = grim grain markets - Farm and Dairy](https://feedsoft.ai/events/5737-weather-china-carryout-grim-grain-markets-farm-and-dairy.md) | +7.0% | +11.7% |
| SOY | 2023-08-04 | [Quality worries in Europe as rain stalls harvest: Grain market daily \| AHDB](https://feedsoft.ai/events/34521-quality-worries-in-europe-as-rain-stalls-harvest-grain-market-daily-ahdb.md) | -1.2% | -4.8% |
| SOY | 2024-04-22 | [U.S. grains: Wheat futures rally as weather risks rattle markets - AgCanada](https://feedsoft.ai/events/12140-u-s-grains-wheat-futures-rally-as-weather-risks-rattle-markets-agcanada.md) | +0.8% | +6.7% |
| SOY | 2019-05-30 | [International grain markets catch fire \| Farm Online \| ACT](https://feedsoft.ai/events/8255-international-grain-markets-catch-fire-farm-online-act.md) | -0.3% | +2.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/06/21/oil-extends-declines-on-china-growth-woes-firmer-dollar.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.