US Soybean Futures Plummet on Unchanged Crop Conditions

Soybean futures took a hit overnight as the condition of the US crop remained unchanged week to week. According to the USDA, about 63% of the soybean crop was in good or excellent condition, down from 69% at the same point last year.

The decline in soybean futures was also influenced by uncertainty over the ongoing war between the US and Iran. President Donald Trump's statement that the US would hold off on further attacks against Iran added to market volatility.

Corn ratings fell two percentage points to 61% good or excellent, below the 73% rating from last year. Meanwhile, corn inspections rose week to week, with 1.88 million metric tons examined for overseas delivery.