Corn, soybeans and wheat all face cuts in Wednesday’s session
A broad commodity selloff Wednesday left stock markets, energy prices and more significantly lower. Grain prices also spilled into the red after ample technical selling today. Soybeans and wheat were both down around 2% by the close. Corn was a little more complicated, posting mixed results. July futures climbed 0.4%, while September futures dipped 0.25% lower after some uneven technical maneuvering today.
More wet weather is on its way to the Midwest and Plains between Thursday and Sunday – particularly in North Dakota and Minnesota, which could gather another 1” or more during that time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook expects to see more seasonally wet weather for the Corn Belt between May 26 and June 1, with some cooler-than-normal temperatures creeping back into the Northern Plains and upper Midwest.