Favorable weather drives down corn, wheat futures

[GrowPro]

Unfortunately, plenty of rain means that the conditions are great for growing corn and wheat, so corn futures and wheat futures have seen a decline. The belief that there will be high demand for soybeans overseas once the global economy starts going again has driven the futures value of soybeans up. According to Agriculture News, the market indicates that,"Wheat futures for July delivery lost 1¢ to $4.98 a bushel overnight on the Chicago Board of Trade, and Kansas City futures fell 1/2¢ to $4.41 a bushel.
Corn futures for July delivery dropped 2 1/2¢ to $3.18 3/4 a bushel. Soybean futures gained 4 1/4¢ to $8.46 ¾ a bushel overnight, while soymeal jumped $1.80 to $286.40 a short ton and soy oil lost 0.02¢ to 27.07¢ a pound. "

 

[Skyline]

Yeah I guess this is how the market works. Weather really affects everything. And indeed corn needs a lot water to grow. But too much rain is not always healthy for them as well. They need more water during the early stages than the later stages.