Rain Sinks Soybeans

Soybean prices plummeted by $1.10 per bushel during the week as much-needed rains fell across the Midwest.

Traders grew wary of bets on crop shortages while farmers got more confident that they’d grow hearty soybean crops this year, causing both camps to sell aggressively this week.

By midday Friday, prices for July soybeans stood at $10.80, down sharply from recent highs over $12.00.