Soybeans, Corn Decline on Signs Midwest Rain Boosts Crops

Soybean and corn futures fell on speculation that Midwest rain during August limited crop damage caused by severe drought in June and July in the U.S., the world’s biggest producer of the commodities.

Soybean yields are about 5 bushels an acre higher than farmers forecast, and corn yields have been a “pleasant surprise” after rain in the past 30 days, Scott Stoller, a grain merchandiser at Michlig Agricenter Inc. in Manlius, Illinois, said in a telephone interview. Dry weather expected in the next two weeks will quicken the harvest, he said.