Midwest Rainfall Boosts Crop Yields, Sending Soybean and Corn Prices Lower

Soybean and corn prices plummeted on July 29 due to updated weather forecasts indicating widespread rainfall across much of the U.S. Midwest, easing concerns about crop stress during critical development stages.

The market reaction was driven by expectations of improved yields rather than changes in demand, making the forecast a key factor for producers, grain traders, and exporters monitoring price direction ahead of harvest.

Soybeans led the decline, with the November contract falling 27.25 cents to $11.9275 per bushel, its lowest close in more than two weeks.

Corn futures also weakened as traders priced in improving production prospects, with December corn futures dropping 8.75 cents to $4.7175 per bushel and September corn declining 9.5 cents to $4.49.