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.
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.
