Corn and Soybeans plummeted on weather and broad commodities selling on Thursday. An improved weather forecast including rain for the Midwest accelerated selling pressure that began on Wednesday. Corn was limit down on the day, dropping 40 cents to $6.33 per bushel for July delivery, while soybeans plunged $1.18¾ per bushel to $13.29¾. Soybean meal fell nearly $18 per ton to $361.5 while soybean oil cascaded 5.5 cents per pound lower to 56.57 for July delivery on the Chicago Mercantile Exchange.
Weather and pressure from funds exiting the market created a perfect storm where there was little buying support at the time. Market traders moved out of long positions as weather forecasts are predicting showers to bring relief to parts of the Midwest. This is potentially good news for Iowa crops as Iowa only has adequate subsoil moisture for 29 percent of its cropland. Corn rated…
04.18.2024
Total RFS blending falls in March, domestic biodiesel blending increases
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EU UCO premium to US continues to grow
The US animal fats and oils market was mostly quiet on Thursday April 18, with a handful of price changes reported. Choice white grease (CWG) into the Missouri River...
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Ruminant meat and bonemeal price pressure in most regions
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