Corn Tumbles by Exchange Limit as Demand Ebbs; Soybeans Slump
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Corn futures tumbled the most allowed by the Chicago Board of Trade after a government report showed that demand is easing for supplies from the U.S., the world’s biggest exporter. Soybeans fell from a two-week high.
U.S. exporters sold 348,969 metric tons of corn in the week ended April 21, down 43 percent from a week earlier and the smallest amount in six months, the Department of Agriculture said today. Prices doubled in the 12 months after adverse weather limited the size of last year’s crop and demand rose for livestock feed and grain-based fuel.