Corn, Soybean Futures Decline as Rain Aids South American Crops
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Corn fell for the first time in eight sessions and soybeans dropped the most in four months on speculation that rain in South America will boost crop potential, reducing demand for supplies from the U.S., the world’s biggest exporter.
About 90 percent of the fields in Argentina and Brazil will get as much as 3 inches (7.6 centimeters) of rain during the next 10 days, helping corn to pollinate and boosting flowering in soybeans, Global Weather Monitoring said today in a report. The countries are the biggest soybean growers after the U.S.