Corn Drops as U.S. Slowdown May Cut Demand; Wheat, Soybeans Fall
This article is for subscribers only.
Corn fell from a seven-week high on concern that lower spending by U.S. consumers and companies will reduce grain demand. Soybeans and wheat also declined.
Service industries expanded in July at the slowest pace since February 2010, the Institute for Supply Management said today. Pacific Investment Management Co. and BlackRock Inc., which oversee a combined $5 trillion, said the U.S. economy is stalling. Corn has rallied 76 percent in the past year on expectations of increased demand for ethanol and animal feed.