GRAINS-Corn drops to 6-week low, soybeans sink on favorable U.S. weather
* Forecasts for more Midwest rains pressure corn, soy
* Coronavirus worries hang over market
* Wheat mostly lower on harvest pressure, firming dollar
* Market awaiting USDA acreage, stocks data next week
By Karl Plume / Reuters
June 25, 2020 / 12:01 PM
CHICAGO, June 25 (Reuters) - U.S. corn futures tumbled to the lowest in six weeks on Thursday and soybeans fell for a fourth straight day as forecasts for crop-boosting rains across the U.S. Midwest reinforced prospects for bumper crops this year.
Technical selling as futures fell below recent lows added pressure, sending some new-crop corn contracts to life-of-contract lows.
Wheat was mixed as short-covering lifted some contracts, though gains were capped by an accelerating winter crop harvest and a firming dollar, which makes U.S. exports less attractive on the global market.
Economic concerns stemming from rising U.S. coronavirus infections anchored grain prices in general, although equities and crude oil markets, which pressured grains a day earlier, recovered some of Wednesday’s steep losses.
“Weather models got wetter overnight,” said Mike Zuzolo, president of Global Commodity Analytics. “The ethanol correction from the energies is adding to some liquidation pressure as well”...