Corn, Soybeans Fall After China Raises Rates, Dollar Gains
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Corn fell for the fifth straight session and soybeans declined after an interest-rate increase in China spurred speculation that slower growth and a rising dollar will reduce commodity demand.
The dollar jumped as much as 1.7 percent against a six-currency basket after China, the world’s largest grain and soybean consumer, raised rates to slow inflation. Corn has surged 54 percent since June 1 and soybeans gained 28 percent as the government reduced estimates for the U.S. crop and hedge funds increased their holdings.