Reuters
2022.06.22 02:33

CBOT corn drops 3% as weather view turns cooler

CHICAGO, June 21 (Reuters) - Chicago Board of Trade corn futures fell 3.0% to two-week low on Tuesday, with traders focused on forecasts for cooler weather when the crop in key growing areas of the U.S. Midwest enters its key pollination phase.

CHICAGO, June 21 (Reuters) - Chicago Board of Trade corn futures fell 3.0% to two-week low on Tuesday, with traders focused on forecasts for cooler weather when the crop in key growing areas of the U.S. Midwest enters its key pollination phase.

  • Cool weather during that yield-determining stage of development is beneficial for crop health.

  • The benchmark CBOT July corn futures contract (CN2) settled down 23-34 cents at $7.60-34 a bushel. December corn futures (CZ2) , which track the crop currently being grown, were down 29-12 cents at $7.01-12 a bushel.

  • CBOT July corn hit technical resistance at its 40-day moving average before falling below its 10-day, 20-day and 30-day moving averages.

  • Analysts were expecting a U.S. Agriculture Department report on Tuesday afternoon to show that good-to-excellent ratings for the U.S. corn crop fell 2% points to 70%.

  • A separate USDA report showed weekly corn export inspections at 1.184 million tonnes, in line with trade forecasts for 600,000 to 1.3 million tonnes.

The copyright of this article belongs to the original author/organization.
The current content only represents the author’s point of view, and has nothing to do with the position of Longbridge. The content is for investment reference only and does not constitute any investment advice. If you have any questions or suggestions about the content services provided by Longbridge, please contact: editorial@longbridge.global

Like