Rains in the Midwest of the U.S. helped pull down soybean futures on Monday as the grain's losses were the biggest in 11 days, according to Reuters.
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.
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