Corn and soybean prices plunged yesterday as investors set aside their supply worries and bet that dry weather in the U.S. corn belt will allow growers to speed up planting.
Dry, warm weather is expected this week across the U.S. corn belt after days of heavy rainfall that have soaked fields and slowed spring planting. The favorable forecast raised hopes that planting could resume at a faster pace, touching off a broad agriculture sell-off in everything from corn to wheat to oats.
Soybeans for May delivery fell 46 cents to settle at $13.155 a bushel on the Chicago Board of Trade, after earlier dropping as low as $12.915, its lowest level in two weeks. Corn for May delivery lost 19.25 cents to settle at $5.8025 a bushel on the index.
