Corn Prices Face Pressure as Weather and Planting Improve

Corn prices under pressure from rain and good planting

Corn prices under pressure from rain and good planting

Don Roose, market analyst with US Commodities in West Des Moines says it is not just the weather and better planting that has put pressure on corn prices over the last few days.

“World value, world competition has also picked up. We now have Ukraine more aggressive, trying to sell some corn in the world market as our crop looks like it’s starting to move forward in a good condition here.  So, you know, that’s really what’s happened; fund selling and liquidation as the weather improves,” said Roose.

Corn futures for July ended on Wednesday down by 3 and a half at $4.69. For December prices are down 6 and a half at $4.63.
Roose also commented on soybeans, which he says are trying to hold together.

“The strength really is from the tightness we have in the U.S. situation with our ending stocks.  New crop conditions continue to improve on soybeans, so it’s really the old crop that’s holding the new crop together.”

Soybean futures in July closed up one and a quarter at $14.99. For November they are up one and a quarter also, at $12.44.

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