Grains, Soybeans Take a Mid-Session Dive
Grains and soybeans took a dive going into the mid-session.
The December corn futures are trading 6 cents lower at $3.66 1/4.
November soybean futures are trading 10 1/2 cents lower at $10.42 1/4.
December wheat futures are 11 1/2 cents lower at $5.47.
Watch for weather to be a factor throughout the week.
“Rains should push across the northwestern and eastern Midwest on a daily basis through the weekend, which will continue to improve moisture for late growth of the soybeans,” says Don Keeney, MDA senior agricultural meteorologist. “Temperatures should turn much warmer across the southwestern Midwest through the weekend, and the warmer temperatures will help accelerate crop growth a bit.”
Higher wheat prices are driven by a lagging harvest, and weather will continue to slow it down.
“The active rains in the northern Plains and southern Prairies will stall spring wheat drydown and harvesting and will lower quality a bit,” says Keeney.
In the outside markets, the NYMEX crude oil is $.41 per barrel higher, the dollar is higher and the Dow Jones Industrials are 32.15 points higher.