Agricultural Markets Down 6.0% Face Worst Month in Two Years as Wheat, Corn, Soybeans Hit Four-Year Lows

Agricultural markets are experiencing significant declines, with the Bloomberg Agriculture Index down 6.0% month-to-date, marking the worst month in two years. July wheat has traded red for 8 consecutive trading days and 18 of the last 20. Corn and soybeans have both declined roughly 8% over the last four weeks, reaching four-year lows. The USDA's quarterly report revealed higher-than-expected corn stocks at 4.993 billion bushels, compared to the estimate of 4.873 billion bushels. Soybean stocks were also higher at 0.970 billion bushels, surpassing the estimate of 0.962 billion bushels. Wheat stocks were reported at 0.702 billion bushels, above the estimated 0.684 billion bushels. Additionally, funds were estimated to be net sellers of 7,000 corn contracts and 4,000 soybean contracts. July and September corn fell below $4.00, marking the biggest single day loss since last summer.