Soybeans, corn dive on rain potential

Soybeans were sharply lower on speculative and technical selling. The USDA’s national good to excellent rating declined to 51%, but beans have more time to bounce back than corn, with August the key month for beans. The ongoing El Nino pattern typically, but not always, leads to a wetter weather pattern in some currently very dry U.S. growing areas.  It’s unlikely the USDA will make significant adjustments to yield projections until September. The next set of supply, demand, and production numbers is out July 12th, with the most likely potential revision in this round of numbers to exports because of Brazil’s dominance.

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