Corn and soybean futures at the Chicago Board of Trade are hanging in a seasonal weather-based market, with traders watching crop conditions week-to-week.
Corn futures have downside potential, gathering influence from wheat futures and crop ratings in the near term.
“I’m looking for an improvement in crop ratings next week, which might put a little light pressure on corn,” said Terry Reilly of Futures International.
The market had a support level at $3.7125, he added (all figures US$). Prices broke below that level on Wednesday.
Spreading between wheat and corn markets has also kept CBOT corn from rallying over the past several sessions, Reilly said. Read more