- U.S. soybeans and corn futures plunged today following outlooks for rain and cooler temperatures in some Midwest crop-growing areas, as well as spillover from broad-based selling in the commodities sector from inflation concerns.
- CBOT soybeans (S_1:COM) for July delivery settled -8.2% to $13.29-3/4 per bushel, while July corn (C_1:COM) closed -5.9% to $6.33 per bushel and July wheat (W_1:COM) ended -3.6% to 6.39 per bushel.
- Soyoil sank nearly 9% to 56.57 cents per pound, capping a seventh straight daily decline from an all-time high 73.74 cents just last week.
- ETFs: SOYB, CORN, WEAT
- Showers should bring some relief to dry areas of the corn belt over the next two weeks, improving production prospects, traders tell Reuters.
- "An unprecedented money supply combined with expanded position limits amid inflation talk and fundamental risks set the stage for a volatile spring and summer," StoneX's Arlan Suderman says.
- According to reports last week, the Biden administration is weighing options to provide relief to U.S. oil refiners from biofuel blending mandates.