Portions of the Midwest are expected to get 2.9 inches of rain over the next five days and crops are already in good or excellent condition. "About 71 percent of the corn crop was rated in good or excellent condition as of Aug. 8, up from 68 percent a year earlier."
Rich Nelson, director of research for Allendale Inc., brokerage in McHenry, Illinois, said that prices also fell on signs that the economies in the US and China are "cooling." China is the biggest buyer for soybeans and the second biggest corn consumer. China's import pace and property prices "slowed in July" and US "data last week indicated a sluggish jobs market."
Corn is the largest crop in the US, "valued at $48.6 billion in 2009, followed by soybeans at $31.8 billion."
To read the Bloomberg story, click here.
Posted: 08/13/2010
