Both corn and soybeans continue to see downside pressure in the market today as weather and outside markets continue to weigh down on them. Corn dropped over a dime today as the weather forecast continues to show good conditions in the upcoming week along with pressure from the soybean market, and crude oil down over $2 a barrel. FC Stone was out tonight with their updated acreage number which has corn pegged at 162.7 bu/ac and soybeans at 42.6 bu/ac. The USDA pegged corn and soybeans in their August report at 162.7 bu/ac and 41.7 bu/ac respectively.
The soybean market plunged 3 percent on Monday because traders were spooked by prospects that state-owned Chinese companies may be allowed to walk away from money-losing commodity derivative trades, although Chinese officials did comment that it won't affect oil or grain trades.
Chris Spurlock
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