Soybeans, Corn, Wheat Slide as Economic Slump May Cut Demand
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Soybeans tumbled to the lowest in almost a year and corn and wheat dropped on speculation that demand for the crops will shrink as the global economy falters, while the accelerating U.S. harvest boosts supplies.
The Standard & Poor’s 500 Index of equities was poised to enter a bear market today after sliding more than 20 percent from the peak this year on concern that European leaders may need to renegotiate Greece’s bailout. About 21 percent of the U.S. corn crop and 19 percent of the soybeans were harvested as of Oct. 2, boosting supplies for makers of food, fuel and animal feed.