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Cash soybean and corn prices extend recent sharp decline over the past week.

Severe thunderstorms affected parts of northern Illinois, northern Indiana, northern Ohio, and southern Michigan on Sunday. But other Midwest areas continued to dry out.

Corn is hitting new lows for the month, with soybeans also under pressure. Sellers continue to dominate lean hog market and limits expand ahead of USDA’s weekly export sales update and its Quarterly Hogs & Pigs Report.

Ahead of the Open | June 24, 2021 Corn, soybeans under pressure as rain benefits Midwest crops, hog futures near two-month low.

Corn sales were near the midpoint of expectations, with exports holding strong. Old-crop soybean sales were near the upper end of expectations, but new-crop sales fell short. Wheat sales also met expectations.

Corn and soybean basis continue to fall but remain higher than the three-year averages.

After the Bell | June 23, 2021 Corn, soybean futures remain under pressure following Midwest rains, hog futures’ slump continues.

On average, analysts surveyed by Reuters expect USDA will report the June 1 hog herd around 75.572 million head.

While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN’s survey work.