(DesMoines Register) – Outside markets are forcing grain prices down this morning, interrupting a surge that has caused a 50 percent rise in corn and soybean prices.
Corn is down 21 cents per bushel and soybeans are off 45 cents per bushel to $16.40.
Bryce Knorr of Farm Futures Magazine noted “Headwinds from outside markets are blowing fiercely this morning, and appear to be adding to losses in the grain market.”
“Once again their focus is Europe, where fears are increasing that the Spanish government may need a bailout – just days after European officials agreed to help that country’s troubled banks. Three other European governments have already been bailed out, including Greece, where officials head this week to assess progress.”
The U.S. Department of Agriculture will update its crop progress report this afternoon, expected to show further deterioration in the corn and soybean crop conditions because of the drought.