Soybean Prices Plummet on Selling Pressure

Soybean prices plummeted due to fund and technical selling, while corn followed suit on similar pressures. The near-term weather forecast appears calm in key growing areas, but August is a crucial month for soybeans, making the market potentially volatile.

The sharply higher oil price mid-week did not affect soybeans, soybean oil, or corn futures. Soybean product futures fell alongside the drop in bean prices and concerns over a large crop.

However, crush margins remain strong, and new crop export demand from China remains positive.