Soybeans, Corn Roll Down; Wheat Up
"Rain in the forecast puts a cloud over commodity prices," says Scott Shellady, senior contributor to Marketing Talk on Agriculture.com and SVP at TJM Investments. "Improving weather patterns has the sellers out today."
At the midsession, corn and soybeans continue to drop while wheat moves back up.
December 2014 corn futures are down 3/4 cent at $3.70 3/4.
November soybean futures are trading 11 3/4 cents lower at $10.46.
September 2013 wheat futures are up 10 1/4 cents at $5.52 3/4.
"The best way to describe a market like that is the reason it is going up is that there is no good reason for it NOT to go up," explains Shellady. "It is that time of year with big(ish) moves on little volume as most use these waning weeks for holiday."