U.S. grain and soybean futures fell Thursday amid a broad selloff in commodities.
Markets were rattled Wednesday and Thursday by fresh signs that the U.S. Federal Reserve is considering pulling back on efforts to support the U.S. economy. On Thursday, the dollar was significantly stronger, while crude oil and equities were lower, leading to pressure on corn and other agricultural commodities as well.
Soybeans were also pressured by worries about the pace of economic growth in China, the world’s largest importer of soybeans. The latest concerns about China arose after a preliminary gauge released Thursday suggested that China’s manufacturing sector contracted at a faster rate in June compared with May.
“The news out of China with the economic numbers being weak hurt beans more,” causing soybeans to fall more than corn, said Craig Turner, an analyst for futures brokerage Daniels Ag Services in Chicago.
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