Corn Drops to 11-Week Low on Slowing Demand; Soybeans Decline
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Corn futures tumbled to an 11-week low on signs of slowing demand for supplies from the U.S., the world’s biggest exporter. Soybeans also declined.
Export sales of corn in the week ended Sept. 20 plunged to 368 metric tons from 69,578 tons a week earlier, U.S. Department of Agriculture data show. That’s the lowest for that time of year since at least 1990. Total sales for delivery before Aug. 31 are down 36 percent from a year earlier. Prices have fallen 16 percent since reaching a record in August, when hot, dry weather damaged the U.S. crop.