March corn hit a new contract low of $4.41 on Friday. Will corn see more pressure trying to price in the extra bushels? March soybeans also hit a low of $12.06. Will $12 technical support hold without a drop in Brazil production?
Corn and Soybean Prices Tank After USDA Report Makes Surprising Revisions to Yield
USDA’s final look at crop production for 2023 caught the commodity markets by surprise. The agency increased the final yield estimates for both corn and soybeans and, as a result, prices plummeted on Friday.
With larger-than-expected yield revisions to both corn and soybeans, it leaves one burning question: Which states grew such big yields in 2023? USDA-NASS released maps and charts to help answer that question.
Drought issues continue to pose problems in the Panama Canal while tensions mount in the Red Sea — both of which are causing freight rates to skyrocket and delays in shipping products around the globe.
