Doubts about the U.S. economic recovery hit commodities hard on Monday sending corn down another 11 to 15 cents and soybeans down 35 to 43 cents, with crude oil losing over $2.50 dollars/barrel. Crop Progress report out tonight pegging corn ratings at Corn Conditions 71% this week vs. 72% last week, 62% Last year, and soybeans at 66% TW vs. 68% LW, 59% LY.
Good crop weather in the U.S., along with a firmer dollar, and falling crude oil prices weighed heavily on both corn and soybean futures. Funds sold 9,000 contracts of corn today and 3,000 contracts of soybeans. Weather across the Midwest remains mostly favorable for crop development. Most crop areas will see rains at one time or another over the next two weeks. There will be a brief period of warming that occurs later this week into the weekend, which will bring above average temperatures for a few days.
Chris Spurlock
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