Chicago Corn and Soybeans Tumble as Midwest Weather Forecast Turns Favorable

The price of Chicago corn and soybeans fell on Wednesday due to favorable weather forecasts in the Midwest. The forecast calls for rain at the end of the week, which is crucial for the soybean crop as it enters the pod-setting stage of its development.

Randy Place, an analyst with the Hightower Report, said that 'rain would be just what the soybean crop needed.' He noted that wheat prices are still supported by hostilities on the Black Sea. Three major Russian grain terminals have restricted truck deliveries citing increased shipping risks following recent attacks.

The most active soybean contract on Chicago Board of Trade lost 28 cents to $11.92 per bushel, while corn fell 8-1/4 Cents at $4.72-1/4 per bushel. The wheat market is also feeling pressure due to large global supplies and dwindling harvesting.