Futures Drop on Midwest Rain Outlook

Corn, soybean futures drop to two-week lows overnight on Midwest rain outlook; wheat also lower.

grain calls
grain calls
(Commodity Update)

Corn: 12 to 15 cents lower.

Soybeans: 15 to 25 cents lower.

Wheat: 2 to 8 cents lower.

Cattle: Steady-weaker

Hogs: Steady-firm

Corn and soybean futures fell to two-week lows overnight on expectations rains forecast for the Midwest will bring relief from recent heat. Wheat futures also declined. Malaysian palm oil futures dropped 5.4%, pressured by a slump of more than $3 in crude oil. U.S. stock index futures signal a firmer open, while the U.S. dollar index is down more than 600 points this morning.