Grains Fall Sharply 

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…