Investors struggle to find other reasons to invest the corn and soybean market. Macro-markets were unhinged, as a number of geopolitical issues took center stage.
The news last night was that the U.S. launched attacks on the Syrian government which adds a level of uncertainty on the world stage. This potentially marked the relations between the U.S. and Russian to halt which adds to the increasing tensions with Iran.
The picture for corn market should have improved, given the cut to U.S. sowings forecast in the last week’s plantings forecast.
Although there is an improvement in the U.S. Sowings, prices continue dwindle because of the ideas that the U.S. corn exports will miss expectations.
"If you ask many market participants why the US corn exports moved to a record level of 2.225bn bushels this year, the most common answer would be that the prices were so much cheaper," said Darell Holaday, at Country Futures.
"The reason exports were 25% larger is because the South American corn crop fell on its face last year and that created a huge void for US and Black Sea corn exports," Mr Holaday said. "That void will not be there this year."
The Soybean markets continue to struggle, after the upgrade to the sowings last week.
Front-Month, soybean prices in Chicago are now in the low for five week straight and are continuing to slip down even further, which made it its longest losing streak in more than two years. May Soybean futures finished the session unchanged at $9.42 per bushel.