Corn and soybean prices managed an impressive rally during the first half of July, according to University of Illinois agricultural economist Darrel Good. "That rally was initiated by smaller than expected June inventories and smaller than expected corn acreage revealed in USDA's June 30 reports," Good said, "The rally was supported by strength in wheat prices that reflected declining wheat crop prospects in a number of important production areas." According to Good, strength in 'corn and soybean prices mid-July reflected concerns about the potential impact of the forecast for widespread and lingering high temperatures-across the United States.
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