Improved weather and positive planting progress has pressured corn prices the last few days.
Market analyst Don Roose with U.S. Commodities in West Des Moines says another factor is at play in the corn trade. “World value, world competition has also picked up. We now have Ukraine more aggressive, trying to sell some corn in the world market as our crop looks like it’s starting to move forward in a good condition here. So, you know, that’s really what’s happened; fund selling and liquidation as the weather improves.”
July corn futures ended Wednesday down 3 at $4.69 and a half, December is down 6 and a half at $4.63.
Soybeans are trying to hold together Roose says, “The strength really is from the tightness we have in the U.S. situation with our ending stocks. New crop conditions continue to improve on soybeans, so it’s really the old crop that’s holding the new crop together.”
Soybean futures in July ended up one and a quarter at $14.99, November is up one and a quarter as well at $12.44 and a quarter.