Soybean and Corn Futures Plummet on Improved Midwest Weather Forecasts

Soybean futures plummeted on July 29 after updated weather forecasts indicated 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. The August soybean contract lost 34 cents, ending at $11.78, while futures have now retreated more than 5% from last week's two-and-a-half-year high.

Corn followed suit, with December corn futures dropping 8.75 cents to $4.7175 per bushel and September corn declining 9.5 cents to $4.49, its lowest settlement since July 17.