Reeling Chicago grain and oilseed futures took it on the chin again on Thursday.
Some of the weakness in corn and soybeans was linked to shifting weather forecasts, which are now showing greater chances of rain in the 8- to 14-day outlook following a bout of hot, dry weather that was initially generally seen as positive for late-planted crops. Losses in crude oil and a stronger American added to the downside, as did increasing fears about an economic downturn which could hurt demand.
July corn dropped 21 ¼ cents to $7.46 ¾ and December fell 38 ¼ cents to $6.55 ½. July soybeans lost 59 ½ cents to $15.93 ¼ and November tumbled 61 cents to $14.15 ½.
Wheat followed corn and soybeans lower, with the benchmark Chicago market touching its lowest since early March in the immediate aftermath of the Russian invasion of Ukraine. July Chicago wheat dropped 39 ¼ cents to $9.37 ¼, July Kansas City was down 34 ¼ cents at $10.05 and July Minneapolis was 25 ½ cents lower at $10.80 ½.
Source: DePutter Publishing Ltd.
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