Commodity Prices Plummet Overnight as Investors Book Profits

Grain and soybean futures plummeted overnight as investors sold contracts to book profits. Soybean futures had reached their highest level in three years, while corn and wheat futures hit multi-year highs last week. This led long-position investors to sell and cash in on their gains.

The news has been bullish for commodities lately, but tensions between the US and Iran, as well as the ongoing war between Russia and Ukraine, have kept prices elevated. Oil prices also rose overnight, with West Texas Intermediate increasing 1.4% and Brent crude climbing over 1%. The USDA reported significant soybean sales to China and another country on Tuesday and Monday respectively.

Corn futures for December delivery dropped by $5.30 3/4 a bushel, while wheat futures lost $7.45 1/4 a bushel. Soybean futures for November delivery fell to $12.99 1/4 a bushel, with soy meal down to $348.90 a short ton and soy oil plummeting to 69.57¢ a pound.