Soybean Prices Plummet on Wetter Forecast

Soybean prices continue to plummet on Wednesday, with losses ranging from 28 to 31 cents across most contracts. The national average Cash Bean price has fallen by 31 cents to $11.47. Soymeal futures are down by $4.10 to $5.90 in the front months, while Soy Oil futures have dropped by 125 to 155 points.

A wetter forecast is contributing to the decline in soybean prices, with a significant amount of rainfall expected over the next seven days. The affected areas include eastern Nebraska and the Dakotas through Minnesota, Wisconsin, Iowa, Illinois, Indiana, and Ohio, with parts of Iowa potentially receiving up to 4 inches.