Feb. 17 (Bloomberg) -- Corn plunged the most in three weeks and soybeans fell to the lowest since December as a deepening recession in Europe and Asia erodes demand for the crops used in food and livestock feed.
A “severe” slump will persist for most of 2009, Group of Seven finance ministers and central bankers said in a statement released after a Feb. 14 meeting in Rome. The Reuters/Jefferies CRB Index of 19 raw materials today touched the lowest since June 2002, led by heating oil, crude oil and copper, which all fell more than 7 percent.
“The continued weak-demand picture is dominating the market,” Doug Bergman, a grain broker at Advantage Traders Group in Chicago, said in a report. “The economic problems we are seeing in the U.S. may end up being nothing compared to the problems other countries may experience.”
Corn futures for May delivery fell 14.25 cents, or 3.8 percent, to $3.59 a bushel on the Chicago Board of Trade, the biggest drop since Jan. 27. The grain has fallen for six straight weeks and is down 55 percent from a record $7.9925 on June 27. The March contract, the most-active until today, fell 14 cents to $3.4925.
Soybean futures for May delivery fell 53.25 cents, or 5.6 percent, to $9.045 a bushel in Chicago, after earlier reaching $9.005, the lowest for a most-active contract since Dec. 24. The price has dropped 45 percent from a record $16.3675 on July 3. The March contract fell 52.5 cents to $9.03 a bushel. more...
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