USDA Reopens Southern Border to Cattle Trade, Grain Futures Prices Plummet Overnight

Grain futures prices plummeted overnight, with December corn down by 13.5 cents and November soybeans falling by 34.75 cents per bushel.

The USDA announced a phased reopening of the US southern border to cattle trade, beginning August 24th. The move is contingent on Mexico's adherence to the Joint Action Plan, which aims to prevent New World screwworm infestations in the US.

The scorching heat wave that engulfed much of the Midwest and Plains over the weekend did little to convince grain market bulls to continue their buying campaigns, with sharply lower crude oil prices also contributing to the market's slump.