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Corn rose on commercial and technical buying after solid weekly export numbers and a Saudi Arabia purchase of 210,000 tons of old-crop US corn. Soybeans fell on profit-taking, while soybean meal rose and wheat gained.
Argentina's soybean crop estimate was cut to 55 million tons.
Export purchases tighten old-crop US corn supplies, and US Gulf prices below Brazil could attract more export interest. This supports corn prices.
brownfieldagnews.comJohn PerkinsMay 12, 2016After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), 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.
