Soybeans Extend Slide on Speculation Rain Aids Crop; Corn Falls
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Soybean futures fell, capping the longest slump in 10 months, on speculation that rain in the past three weeks boosted U.S. crops as demand eases in China, the world’s biggest consumer. Corn declined to a six-week low.
About 32 percent of U.S. soybeans were rated good or excellent as Sept. 9, up from 30 percent a week earlier, government data showed yesterday. In August, China’s imports posted the biggest drop since February 2011. Futures have surged 27 percent since the end of May as drought scorched U.S. crops.