Commodities & Metals

Rain Forecast Quenches Corn Price Hikes

The weather forecast for US corn growers is little cooler and wetter today, especially toward the end of the week. A forecast for up to one inch of rain in some parts of the Midwest sent corn futures below $8/bushel, at least temporarily this morning. Soybean futures are dropped by as much as -3% for meal and -1.5% for soybean oil.

The forecast for rain may be too late to save the hard hit crops of Illinois and Indiana. Rain is expected early this week in the northern half of the corn-growing Midwest, with some moisture due by the end of the week in the harder hit southern half. Interstate 80 is a good demarcation line between north and south.

The US is suffering its worst drought in 55 years, with about 55% of the country under moderate to extreme drought conditions during the month of June.

The Teucrium Corn Fund (NYSEMKT: CORN) is down slightly at $49.93 in a 52-week range of $35.23-$50.73. The Teucrium Soybean Fund (NYSEMKT: SOYB) is down about -3.1% today at $26.64 in a 52-week range of $18.27-$27.58. The PowerShares DB Agriculture Fund (NYSEMKT: DBA) is down about -1% at $30.01 in a 52-week range of $25.70-$34.21.

Paul Ausick

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