Grains Complex Falls as Speculators Take Profit

Corn and soybean prices declined today due to profit-taking pressure from speculators. The corn market saw heavy selling, with December corn futures losing 13.5 cents to $4.74. Fundamentals also weighed on corn prices, as traders factored in recent hot and dry weather conditions that have negatively impacted crops in the Corn Belt.

The U.S. Department of Agriculture reported weekly U.S. corn export inspections totaled 1.49 million metric tons during the week ended July 23, down from the previous week. Meanwhile, farmers in Brazil's center-south region had harvested 60% of their second corn crop as of last Thursday, lagging behind year-ago levels.

World Weather Inc. forecasts a favorable two-week outlook for crops across much of the Midwest, with yield potentials expected to remain high through the period. However, hot weather is expected to continue stressing some crops in western and south-central parts of the region today.