As much as 85% of the US Midwest got rained on this weekend in amounts varying between 0.2-0.8 inches, offering some relief for corn and soybean crops in the country’s main growing region. More rain is forecast for later this week, along with cooler temperatures.
The rain may have come too late to provide much help for the corn crop, but soybeans are expected to reap some benefit from the rainfall and cooler weather. Unfortunately, about a third of the soybean-growing region will continue to be dry.
Commodity prices for corn dipped again this morning, down about -0.7% at about $8.02/bushel. Soybean prices fell even more, about -2%, to below $16/bushel for the November futures contract. The US Department of Agriculture will release its supply/demand report this Friday, and traders and analysts are expecting another drop in the estimates for both the corn and the soybean crop.