By William Bi
Dec. 2 (Bloomberg) -- Corn for March delivery fell for a third day as a deepening recession routs financial and commodity markets, fueling speculation that consumption of meat, grains and vegetable oil will decline. Soybeans were little changed.
The MSCI Asia Pacific Index dropped 3.4 percent to 79.82 at 11:42 a.m. Beijing time, after an 8.9 percent dive in the Standard & Poor's 500 Index in New York. A U.S. report showed manufacturing output contracted in November at the fastest pace in 26 years. Crude oil fell to its lowest in three years.
``Agricultural markets will follow'' as financial markets struggle to arrest the slide, said Li Qiang, managing director at Shanghai JC Intelligence Co., in Shanghai. Even as low prices spur short-term buying and may cut planting, immediate economic problems will forestall a significant recovery, he said.
Corn for March delivery fell as much as 2.75 cents, or 0.8 percent, to $3.46 a bushel in after-hours electronic trading on the Chicago Board of Trade. The contract traded at $3.4725 at 11:49 a.m. Beijing time.
Soybeans for January delivery were little changed at $8.48 a bushel in Chicago, after advancing as much as 0.5 percent.
To contact the reporter on this story: William Bi in Beijing at wbi@bloomberg.net
Posts
No comments:
Post a Comment