Soybeans, Corn Drop as Rains Ease South American Crop Concern
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Soybeans slid for a second day in Chicago as rains forecast in Brazil and Argentina helped ease concern that drought may curb supply. Corn and wheat dropped.
Sufficient rain will fall on at least three-quarters of Argentina’s soybean and corn crops this week and next, aiding harvest prospects, Richard Feltes, a vice president of research at Chicago-based R.J. O’Brien & Associates, said in a report yesterday. The country is the world’s second-biggest corn exporter after the U.S. and ranks third for soybeans.