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Corn & Soybean Prices Down

October 28, 2015 at 16:58 by Vladimir Vyun

Futures for corn dropped today due to the oversupply in the United States. With big harvest and falling US exports, warehouses have problems with storing the grain. As a result, they have no choice but to sell at cheaper prices to get rid of the excess stock. December contract for delivery of corn fell 0.86 percent to $3.7675 per bushel as of 16:50 GMT on CBoT today.

Other grains, including soybeans, declined as well. Yesterday, soybeans rallied on signs of high demand and the threat of drought in Brazil. Yet today prices pulled back. Forecasters say that prices may go in either direction in the future depending on whether the actual yield will higher or lower than the forecast of the US Department of Agriculture. January futures for soybeans dropped 0.79 percent to $8.84 per bushel today.

If you have any questions and comments on the commodities today, use the form below to reply.

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