Commodities
USDA Report Sparks Corn Sell-Off, Soybeans and Wheat Follow
Corn futures plummeted on Thursday after a bearish USDA report, hitting a five-week low. December corn fell by 21 1/4 cents to $5.00 3/4. The market had been shaky for the past week but broke down hard today following the report.
The soybean and meal markets saw a slightly friendly USDA report, but the big losses in corn spilled over into limited buying interest in soybeans. November soybeans fell by 4 3/4 cents to $12.93.
December wheat futures also hit six-week lows after mostly neutral USDA reports today. December SRW fell by 17 cents to $6.75 3/4 and December HRW fell by 10 cents to $7.33.