
Chicago corn, soybeans and wheat closed lower on technical selling and profit-taking after earlier gains that followed USDA cuts to US corn production and projections of smaller soybean ending stocks. Corn December closed at US$174.21/t, and EIA reported ethanol output averaging 1.13 million barrels per day.
Profit-taking after the USDA-driven rally reflects traders weighing a possibly large US harvest against lower official estimates. The pullback feeds through to the international reference prices Latin American buyers and exporters use for feed grains.
Not enough comparable past events yet for a historical read.
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.