Corn, soybeans, wheat down over 20% from peaks

·Markets Reporter
·1 min read

Corn (CZ=F), soybeans (ZS=F), and wheat (ZW=F) have tumbled over the last couple of weeks. Agricultural commodity futures are in bear market territory, more than 20% off their peaks earlier this year.

The "talk across all commodity assets is demand destruction," Dennis Sweeney, CEO of Infinity Brokerage, told Yahoo Finance. "I believe funds are worried about a recession."

Agricultural commodities skyrocketed earlier this year when Russia invaded Ukraine. Supply concerns drove prices to record highs.

Wheat futures are currently off more than 30% from their March highs. Corn and soybean futures have given up all their 2022 gains.

"Bids were scarce as funds tried to exit the last couple of weeks," said Sweeney.

Plunging prices for WTI (CL=F) and Brent (BZ=F) crude are also weighing on agricultural commodities as they tend to move in tandem with energy prices.

The rising dollar, at multi-decade highs has also contributes to lower agricultural commodity prices.

Ines is a stock market reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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