Corn and soybean futures rose on Monday, following a steady decline last week. Record U.S. harvests led to falling prices for most crops throughout all of last week, but inclement weather forced farmers to slow or halt the harvests. Soybeans in particular were near their four year low.
Bloomberg reported that soybeans for November delivery rose 1.3 percent to $9.2425 a bushel by 7:24 a.m. on the Chicago Board of Trade. Soybeans have fallen 28 percent this year due to expectations that production in the U.S. will be the highest ever. Despite the expectations, however, the heavy rains and frosts that the Midwest has experienced over the last week has slowed harvests and gave a measure of support to the falling prices.
PorkNetwork reported that soybean prices are affected by the weather more than corn prices because soybeans are generally harvested earlier in the year than corn is. Nevertheless, corn joined soybeans in rising significantly Sunday night, before the Monday open. PorkNetwork said that December corn futures climbed 5.5 cents to $3.2875/bushel early Monday morning, while May added 5.25 to $3.5025.
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