“Corn and beans were softer most of the day, on outside influences,” Ami Heesch, with CHS Hedging, said. “There are concerns about the fate of the global economy. Rain events are expected to move across the US Midwest over the next several days. Crude oil was sharply lower on a bigger than expected build in inventories.”
Corn markets were struggling against the perceived low overall demand. “The current demand environment is making it difficult to attract new buyers, and with heavy long liquidation this week, selling pressure is evident,” Stewart-Peterson said.