Do market participants think Biden’s first executive orders affected crop prices?
Wednesday, January 27, 2021
By Eleanor Hicks-Green
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NO
Market analysts attributed a plunge in prices for soybean, corn and wheat in the week ending Jan. 22 to favorable weather in South America. The weather boosted optimism about supplies amid worries about shrinking global harvests.
Soybean prices decreased approximately 70 cents between Jan. 19 and Jan. 22 (to $13.12 a bushel). Corn decreased 25 cents (to $5.01/bushel) and wheat around 30 cents (to $6.35/bushel) over the same time period. Corn, wheat and soy prices then recovered as buyers reacted to lower prices.
The market price of agricultural commodities is dependent on many factors, including weather trends, global agriculture markets and currency exchange rates.
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