Commodities : Monday, June 22, 1987 : Rain Soaks Corn, Soybeans

A rainy weekend sent corn and soybean futures prices down sharply Monday with many contracts losing the limit for daily trading on the Chicago Board of Trade.

On other markets, oil futures were off sharply; pork futures declined, while cattle were mostly higher, and precious metals declined steeply.

All but the nearby July deliveries of corn and soybeans suffered limit losses and many were locked at that level during the closing minutes.

“They got rain where they needed it,” said Jerry Gidel, an analyst in Chicago with G. H. Miller & Co. “The markets let go in a big way.”

About 80% of the Midwest soybean belt received rain and for much of the area there was more in the forcast for the coming days.

The market is expected to be under pressure again on Tuesday because of left over unsold orders and the new 6- to 10-day forecast that came out after the close.

“Fairly wet and mild” is the outlook for most of the central and eastern part of the nation, the National Weather Service said.