Soybeans Fall After Rain Boosts Brazilian Crops; Corn Gains
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Soybeans fell for a second day on speculation that rain will improve the yield potential of crops in Brazil, reducing demand for supplies from the U.S., the world’s biggest grower and exporter. Corn advanced.
As much as 1.5 inches (3.8 centimeters) of rain fell in the past 24 hours, boosting soil moisture for developing crops in northern and northeastern Brazil, World Weather Inc. said in a report to clients today. Drier weather expected over the next 10 days in southern Brazil is unlikely to stress reproducing crops, after above-normal rainfall during the prior two months. Argentina is headed for the third week of dry weather that may damage corn, the forecaster said.