Soybean futures remain near their lowest recent prices and corn futures are at a four-year low after Friday’s USDA Crop Production report illustrated these crops in the best condition since 1994. The US leads the world in both corn and soybean production.
As of Sunday, the USDA rated 76% of our domestic corn crop, and 72% of the soybean crop “in top condition” and “the best shape” for this time of year in the past 20 years. It has also been made known US farmers have just finished planting just under an estimated 85M acres of soybeans – the biggest amount ever.
Barb Levy, chief director for The Fox Group’s futures division in Chicago, had this to say regarding the current corn & soybean futures situation, “Pressure continued on the corn and soybean futures. Higher than expected acreage figures at the end of June, last week’s crop production figures and Monday’s crop progress report, all pointed to huge crops this year in both markets.” Levy added, “A favorable weather outlook is also adding fuel to the continued move lower.”
Soybean futures trend remains down with no bottom in sight. I think soybean futures have found support here (if Friday’s low can hold), and I am looking for a bounce in this market soon.
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