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Corn, Wheat Futures Hit Nearly 4-Year Low Ted,not so funny as those storms rolled through Chicago Land, but as these lower commodity prices wind through the food and energy consumer cost factors, we may all benefit. Copy and Paste from Dow Jones W S J By TONY C. DREIBUS Updated July 7, 2014 5:24 p.m. ET CHICAGO—Corn and wheat futures tumbled to their lowest prices in nearly four years as favorable weather over the July Fourth holiday weekend upgraded prospects for U.S. crops.
Soybeans fell, too, closing at their lowest level in more than four months.
In the past week, up to six times the normal amount of precipitation fell in parts of Iowa and Illinois, the biggest U.S. growers of corn and soybeans, further improving growing conditions. About three-fourths of the nation's corn and soybean crops were in good or excellent condition as of Sunday, according to the U.S. Agriculture Department.
Continued balmy, rainy weather will help lift corn and soybean yields that the USDA has estimated will reach record levels this year, analysts said. The USDA has estimated this autumn's corn harvest will total 13.935 billion bushels, surpassing last year's record crop, while soybean output also will set a record.
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Ted,not so funny as those storms rolled through Chicago Land, but as these lower commodity prices wind through the food and energy consumer cost factors, we may all benefit.
Copy and Paste from Dow Jones W S J
By TONY C. DREIBUS
Updated July 7, 2014 5:24 p.m. ET
CHICAGO—Corn and wheat futures tumbled to their lowest prices in nearly four years as favorable weather over the July Fourth holiday weekend upgraded prospects for U.S. crops.
Soybeans fell, too, closing at their lowest level in more than four months.
In the past week, up to six times the normal amount of precipitation fell in parts of Iowa and Illinois, the biggest U.S. growers of corn and soybeans, further improving growing conditions. About three-fourths of the nation's corn and soybean crops were in good or excellent condition as of Sunday, according to the U.S. Agriculture Department.
Continued balmy, rainy weather will help lift corn and soybean yields that the USDA has estimated will reach record levels this year, analysts said. The USDA has estimated this autumn's corn harvest will total 13.935 billion bushels, surpassing last year's record crop, while soybean output also will set a record.