Corn and Soybeans Lead Grain Prices Lower

US corn futures fell just over six percent during the last two trading sessions with traders moving in to capture gains as the forecast for improved weather is coinciding with a key growth phase for corn.  Soybeans are down nearly five percent over the same two-day trading period and soybean oil, the primary feedstock used in biodiesel production, is down over six percent.

Drought conditions remain a concern in parts of the Midwest and across much of the Plains and California. However, the weather outlook has improved with cooler temperatures forecast compared to last week and a chance for rain later in the week. Analysts are still expecting to see a decline in crop conditions with this week’s crop progress report.  USDA corn rated in good to excellent condition is expected to fall three points to 69 percent, while soybeans rated good to excellent might see a decline of two points to 65…