At midday, the Sept. corn futures are 18¢ higher at $5.74. New-crop Dec. futures are 15½¢ higher at $5.67½. March corn futures are 15¢ higher at $5.74. August soybean futures are 20¾¢ higher at $14.48½. Soybean and corn did great this week thanks to the preferable weather condition across the nation.
Goldman Sachs global head of commodities research Jeff Currie also stated that he’s still bullish on commodities despite last week’s price dip. The drought and heat had a negative impact on crop ratings from the FDA. With the decrease in expected output, the price for soybeans has been on a significant rally. With the demand being stable and supply taking a hit, the price rally may continue in the foreseeable future.
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