Soybean futures have dropped to 14-month lows and corn is seemingly unable to break through a brick wall at $3.96/bu.
The bears are seemingly winning over the bulls and their weather concerns.
Soybeans broke lower last week from the Brazilian currency tanking with the JBS corruption scandal, which made Brazilian beans cheaper for foreign buyers (but did producers keep beans because a physical asset could be worth holding with currency risk?). The market has since retraced about 50 percent of that drop.
So is there a bullish case for soybeans in the long run? Why, when U.S. corn crop ratings are lagging, is there so much resistance for corn at that $3.96 mark?
Matthew Pot, market analyst based in southern Ontario, joined Shaun to discuss these factors, and whether Shaun has any chance of winning his bet of $5+ corn before the end of July: