Advertisements

CBOT corn falls steadily on macroeconomic concerns

by Joy

On June 1, according to foreign media reports, the Chicago Board of Trade (CBOT) corn futures market closed down steadily on Wednesday, with the benchmark futures closing flat and the monthly line up 1.50%.

Corn’s losses were capped by short covering as macroeconomic concerns fueled worries about demand for the commodity, though traders turned to weather risks in the Midwest.

Advertisements

The most active trading range for the July contract is 577.50 cents to 594.75 cents. The intraday benchmark fell as low as $5.7750, its lowest in a week.

Advertisements

Corn futures for May rose 1.54%, compared with a fall of 11.43% in April.

A report released by the consulting agency Agritel shows that in the context of the global economic downturn, all commodity prices are falling sharply.

A stronger dollar also added to the bearish sentiment in the market. A stronger dollar typically makes dollar-denominated commodities less attractive in global markets.

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News