Corn, Soybean, Wheat Prices Drop on Signs Grain Demand May Slump
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Corn, soybean and wheat futures fell on speculation that Europe’s sovereign-debt crisis will hinder the global economy, reducing demand for food, livestock feed and fuel made from crops.
The Standard & Poor’s GSCI Index of 24 raw materials dropped as much as 2.1 percent, and global equity markets fell. Josef Ackermann, the chief executive officer of Deutsche Bank AG, said that market conditions remind him of late 2008, which preceded the deepest global economic slump since the 1930s. The U.S. is the world’s top exporter of corn, soybeans and wheat.