U.S. corn and other crop futures fell sharply on Wednesday, under pressure from weather forecasts of much-needed rain in the Midwest, where crops struggled with dry conditions.
The National Centers for Environmental Prediction said they expect many parts of the corn belt that has dried up over the past month it’s going to rain more than usual for this time of year over the next two weeks – a big change from previous indications that El Niño would limit rainfall for thirsty crops.
At the Chicago Board of Trade, corn (C_1:COM) for December delivery is closed -4.3% at $5.36 3/4 a bushel, after falling to $5.34, the lowest level in the contract since June 9.
Also, Wheat (W_1:COM) for September delivery has settled -4.2% at $6.69 3/4 a bushel, and November soybeans (S_1:COM) finished -2.3% at $12.65 a bushel.
AND F : (NYSEARCA: CORN), (WEAT), (SOYB), (DBA), (MOO)
While much of the selling was tied to near-term rainfall prospects, analysts said traders were also trimming crop positions ahead of Friday’s scheduled release of USDA acreage and inventory reports. .
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