Market News

Rain, stronger dollar especially hard on the corn market

Soybeans were lower Tuesday because of more rain in the weather forecasts and spillover pressure from corn. DTN says if weather continues to become more conducive to soybean growth, soybean highs may have been printed, although the most important time for soybeans is a month away.  In spite of the losses, commercial demand is solid for soybeans.

Corn fell steadily during the trading session, ending sharply lower.  Late June rain is favorable for the crop.  The Eastern Corn Belt forecasts are for rain as well. But traders will continue to watch forecasts with concern over above normal temperatures. Ethanol margins should get a boost from the setback in corn.

Wheat finished the trading day lower with spillover pressure from row crops, and with harvest pressure, along with the stronger dollar. Winter wheat harvest is going well, the result of warm weather and limited moisture for most of the Wheat Belt.  Yields have been strong so far.