Forecasters said most of the Midwest is receiving rain, which will ease the drought situation in portions of Iowa, South Dakota, Nebraska, and Minnesota. The rain came at a critical time that matches the pollination period for the 2021 corn and soybean crops.
Crop traders are focused on the weather that turned promising for the corn and soybean belt, with a radar weather map indicating portions of Iowa could see more than 5 inches of rain from Saturday, July 10 through Monday, July 12.
The market volatility could continue, as CME Group issued expanded price limits for Wednesday. According to Reuters, daily trading limits will temporarily expand to 5.5 cents for soy oil, $1.50 for soybeans and $45 for soymeal as CME widens limits for the entire soy complex when any one product triggers expanded limits.
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