Collapse continues for corn, soybeans, wheat

Soybeans were lower on fund and technical selling, ending the week mixed, with nearby months up and deferred contracts down. Some forecasts had a better chance of rain in parts of the Midwest, but likely not enough to break drought conditions. Still, the critical month for soybeans is August, so there is time, with El Nino conditions expected to fully emerge later this summer. Contracts were lower for the second day in a row, but also closed above the session’s lows for the second day in a row due to the uncertainties about this year’s production.

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