Adverse weather conditions alter the outlook for grains significantly.
The relentless rally in corn and soybeans continued today, as both grains pushed up against key price points. Corn is near $6.70/bushel, which has contained prices since last October, while soy is back to $15, which is the four-year high set in April.
Hot, dry weather in the Midwest growing regions of the U.S. has taken a toll on the condition of the corn and soybeans crops, according to the USDA. In its Crop Progress report on Monday, the department said that only 56 percent of the corn crop was in good to excellent condition, down sharply from the levels of only weeks ago.