Corn Drops as Investors Bet Demand Will Dry Up on Higher Prices

Corn, wheat and soybeans fell in Chicago as investors sold commodities on speculation higher prices and weaker economic growth will curb demand for raw materials, including those used to make food.

Corn surged 88 percent in the past year, wheat gained 49 percent and soybeans rose 38 percent as demand increased and stockpiles dwindled, pushing up food costs that were partly blamed for riots in the Middle East and North Africa. Investors are ignoring wet weather that’s slowing planting in the U.S., which supplies 29 percent of the world’s corn.