Corn and Soybean Prices Tumble on Bearish Weather Forecasts

The US corn futures market saw most of its gains from Monday taken back by bears today. The price fell 7 cents to $4.65 1/2, nearing its daily low. Weather in the Corn Belt is leaning more price-bearish.

USDA rated the U.S. corn crop as 61% good to excellent, down two percentage points from last week. Pro Farmer consultant Dr. Michael Cordonnier left his US corn yield unchanged at 181.0 bu/ac with a neutral-to-lower bias.

The corn market bears have the slight overall near-term technical advantage, according to analysis. Prices are in a fledgling downtrend on the daily bar chart. The next upside price objective for the bulls is closing December prices above solid chart resistance at $4.92.

November soybeans fell 14 1/2 cents to $11.77 3/4, hitting a four-week low. USDA rated the U.S. soybean crop as 63% good to excellent, unchanged from last week. Pro Farmer consultant Michael Cordonnier maintained his US soybean yield estimate at 52.0 bu/ac with a neutral-to-lower bias.

The soybean complex futures markets saw a 'Turnaround Tuesday' as Monday's gains were lost and then some for beans and meal. Weather in the U.S. is leaning more price-bearish for soybeans.