U.S. corn and soybean futures weakened on Friday on forecasts for dry weather in the Midwest that will allow farmers to pick up the pace of what is expected to be a record harvest of both crops, traders said.
Unseasonably hot U.S. weather is accelerating corn and soy crop maturity after months of concerns that lagging development could drag down yields or put some late-planted acres at risk of damage from frost, agronomists
The U.S. corn and soybean crops are in the worst condition since 2012, but the U.S. Department of Agriculture should still push new-crop production higher in its supply and demand report due at noon EDT on Wednesday.
As the Great Plains see plunging temperatures this week, one meteorologist thinks crops in the core of the Corn Belt escaped major damage thanks to constant cloud cover. However, livestock producers may not be so lucky.
The grain and oilseed markets were lower on the first trading day of 2016, weighed by Monday's Chinese stock market plunge. The Shanghai Composite lost 7% at the close Monday, while the Shenzhen Composite lost ove