Corn Posts Longest Slump Since 2010; Soybeans Enter Bear Market
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Corn fell for an eighth session in Chicago, capping the longest losing streak since March 2010, as prospects improved for crops in South America. Soybeans slumped into a bear market.
Corn and soybean growing areas in Argentina may receive moderate to heavy rainfall from storms beginning Feb. 16, easing dry conditions, DTN said today in a forecast. Northern crop regions in Brazil will be drier, helping the harvest progress, according to the report. Argentina, the largest corn exporter after the U.S., may produce 27 million metric tons, more than expected by analysts, the U.S. Department of Agriculture said Feb. 8. Brazil’s harvest may be 72.5 million tons, also more than expected, the USDA said.