Corn was limit down on the first six contracts listed, July 2021 through July 2022. For soybeans, it was only the fourth time in history that prices dropped over $1. Advance Trading Risk Management Advisor Tommy Grisafi says soybeans were allowed to decline that much was because the entire soy complex was trading with expanded limits. “We could have went down $1.50 per bushel,” said Grisafi. “This has never happened, we’ve never had that dramatic of a move.” There were numerous factors in the market, including rain in the forecast and a very strong U.S. dollar. News that China was cracking down on speculation also drove down prices.
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