Futures Drop on Midwest Rain Outlook
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.
