Grain Futures Drop; Hopes of Chinese Buying Spree Fizzle
Ongoing trade tensions continue to weigh on prices
Chicago corn and soybean futures dropped sharply on Monday as hopes of Chinese buying fizzled and forecasts of cooler weather in the U.S. Midwest eased concerns about crop yield losses.
According to Reuters, dealers said uncertainty about the ongoing trade tensions between the United States and China continued to weigh on prices.
“The market has been hinged on the idea that China may announce the purchase of soybeans,” Mike Zuzolo, of Global Commodity Analytics, told Reuters. “Soybeans started tumbling when the announcement never came.”