Demand concerns in China and prospect for record high crops weigh on soybeans and corn

Soybeans have also been unable to resist China's influence of late. After the soybean price plunged a good week ago to a six-year low of 855 US cents per bushel, it made slight gains yesterday and closed at 874 US cents per bushel, notes Commerzbank. Because a record crop is anticipated in the US, corn is again nearing its early August low of 357 US cents per bushel. Yesterday saw corn shed a further 1.7% to 369 US cents per bushel. The report from the US Department of Agriculture (USDA), which showed that nearly 7 million bushels more corn went into ethanol production in July than had been the case in June, was largely ignored.