Soybeans Jump Most in Eight Months, Corn Rises as Rain May Cut U.S. Yields

Soybean futures jumped the most in eight months and corn closed at the highest price since January on speculation that heavy rain will reduce yields in the U.S., the world’s biggest grower and exporter of the crops.

In the Midwest, some fields got more than 10 inches (25 centimeters) of rain since June 7, or three times the normal amount, data from the Midwest Regional Climate Center show. The U.S. Department of Agriculture reduced its condition ratings for corn and soybeans for two straight weeks.

“The crops are now getting smaller,” said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa. “There has been too much rain.”

Soybean futures for November delivery rose 32.5 cents, or 3.6 percent, to $9.325 a bushel on the Chicago Board of Trade, the biggest gain since Oct. 12. Earlier, the most-active contract reached $9.3575, the highest level since June 23. (more)