Inclement weather in the Midwest of the U.S. prompted two agriculture futures to lose value on Monday, according to Bloomberg.
Corn futures endured its sharpest losses in about 35 days while soybean futures also struggled on commodity markets due to conjecture that hot and dry weather will spur stronger crops. Planting was delayed by strong rain.
"The way the weather is shaping up, we're going to get some heat," brokerage president Jason Britt with Central States Commodities Inc. in Kansas City, Missouri, told the publication on Monday. "It looks like yields that were diminishing are going to stabilize, if not see some improvement."
At 12:35 p.m. on Monday, corn futures fell 1.92 percent, a 0.1075-cent loss to $5.4775 per bushel. At 12:36 p.m., soybean futures dropped 0.77 percent, a 0.1175-cent dive to $15.165 per bushel.
Ag Professional reports an agronomy specialist at the University of Missouri forecasts yields of soybeans are likely to be lower this year due to farmers delaying planting of the legume. Planting is roughly three weeks late as compared to the same period of last year, which was warm and dry.
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