Corn and soybean futures hit multi-year lows

Corn futures on the Chicago Mercantile Exchange on Friday fell below $4 a bushel for the monthly contract for the first time since November 2020, as the market was pressured by huge inventories in the U.S. and around the world.

Soybean futures in Chicago also fell as weekly U.S. exports fell to their lowest level since May last year. News that at least three U.S.-bound cargo ships were preparing to load soybeans at two ports in northern Brazil also pressured the market.

The speed of the drop in corn prices has stunned producers and market analysts, who say low prices could affect the U.S. agricultural economy as producers finalize their spring planting plans.

Tags: corn, prices, soybean