Grain Prices Plummet as Technical Benchmark Broken

Corn and wheat prices broke below yesterday's low overnight, a key technical benchmark that had capped the downside over the past couple weeks.

The US dollar index is around 600 points lower, while front-month crude oil futures are trading higher this morning and near recent highs.

President Trump said renewed attacks on Iran would likely be short-lived, reiterating his claim that the US controls the Strait of Hormuz.

Corn prices are expected to be 10-12 cents lower, while soybeans will likely trade 10-12 cents lower and wheat may drop by 29-31 cents.