Though the agricultural commodity fell as much as 2 percent, it has skyrocketed during the past 60 days as much as 27 percent because of a drought. But significant amounts of rain over the weekend mildly relieved soybeans and additional crops suffering from a lack of rainfall.
"Some areas received very beneficial rains but at this point they are not going to benefit corn as much as they will beans," grains analyst Dax Wedemeyer with U.S. Commodities in West Des Moines, Iowa, told the news source. "Corn will move in a tight range."
At 1:18 p.m. on Monday, soybean futures fell 2.3 percent, a 0.375 cent loss to $15.9125 per bushel. Corn futures fell 0.46 percent, a 0.0375 cent loss to $8.0375 per bushel.
Bloomberg reports losses to soybeans on Monday climbed as high as 3.3 percent and regions in the northwest of the Midwest are slated to see normal amounts of rainfall in the 10-day period leading to August 10.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.