CME grain prices experienced a downward trend today after the unexpected increase in crop ratings by the USDA yesterday. This was caused by the recently favorable weather conditions, suggesting that USDA may have to revise soybean yields higher, a move that would have a bearish influence on prices. September corn fell by $0.1175 to close at $4.64/bu, while September soybeans slumped $0.2975 to settle at $13.23/bu. September soymeal dropped $11.50, falling to $403.80/st. and September wheat decreased by $0.1750 to $5.98/bu. 

Crop Progress August 14

As of the Crop Progress report for week ending August 13th, there have been improvements in the conditions of the corn crop compared to last week. This improvement can be attributed to relatively mild and wet weather. The national averages showed a two-point increase in good to excellent conditions….