Corn and soybean prices rebounded from their contract lows yesterday on strong fund buying. December corn had a double-bottom at $3.62 ½ before closing 6 ½ cents higher at $3.70 today. November soybeans closed 23 ¼ cents higher at $9.27 ½, and December wheat down 1 ½ cents at 5.08 ¼.
Crop ratings were down slightly from last week and heavy rain has become a concern for parts of the Midwest as some bean acres are sitting unplanted for now. These concerns may have been enough to get the funds to lighten up their short positions especially with the June 30th report just around the corner. Looking back to the 2012 growing season, this was virtually the same time when prices bottomed and turned higher for the summer …
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