Advertisements

CBOT corn down more than 4% as improved rain outlook keeps traders selling

by Joy

On June 29, according to media reports, the Chicago Board of Trade (CBOT) corn futures market closed sharply on Wednesday, with the benchmark period closing down about 4.30%, the lowest level in nearly three weeks, because the weather forecast showed There will be abundant rainfall in the corn belt.

1. Southern Iowa and central Illinois saw some much-needed rain Wednesday, with more rain expected throughout the Corn Belt later this week and into early July. That prompted traders to continue selling. The benchmark circa fell to its lowest level since June 9 during the session.

Advertisements

2. An analyst said that most of today’s selling is related to the improvement of short-term precipitation prospects, but the US Department of Agriculture will release the acreage and quarterly inventory report on Friday, which allows traders to prepare for price volatility and actively reduce their positions . Corn futures have fallen nearly 15% over the past week.

Advertisements

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