Corn Has Longest Slump Since ’80 on South America Outlook
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Corn futures fell, capping the longest slump in 32 years, on speculation that beneficial weather will boost crops in Argentina, the world’s second-biggest exporter, and Brazil.
As much as 0.75 inch (1.9 centimeters) of rain fell in Argentina overnight, and an additional 1.75 inches are expected starting Feb. 17, easing stress from dry conditions this year, Commodity Weather Group LLC in Bethesda, Maryland, said in a report. Precipitation will boost crops in southern Brazil in the next two weeks, and drier weather in northern areas will aid harvesting, the company said.