Corn fell in Chicago on speculation demand for raw materials may wane as consumers curb spending amid concern the U.S. economy’s rebound is slowing. Wheat and soybeans declined. U.S. consumer spending, which accounts for 70 percent of the economy, unexpectedly dropped in June for the first time in almost two years, figures showed yesterday. Pacific Investment Management Co. and BlackRock Inc., which together oversee almost $5 trillion, say the U.S. economy is stalling. “Everyone is trying to figure out how much corn would be worth if the economy continues to slow down,” said Erin FitzPatrick, an analyst at Rabobank International in London. Corn for December delivery dropped 3.75 cents, or 0.5 percent, to $7.12 a bushel by 10:50 a.m. London time on the Chicago Board of Trade. The grain climbed 4.4 percent yesterday on speculation output would decline because of hot weather in the U.S., the world’s biggest grower and exporter. Reports due today may show U.S. factory orders slid 0.8 percent in June and private employers added fewer jobs in July, according to economists surveyed by Bloomberg. Other figures might show service industries in the U.S., the biggest part of the economy, expanded in July at about the same pace as the prior month. Wheat for December delivery declined 10.75 cents, or 1.4 percent, to $7.48 a bushel. The grain added 5.3 percent yesterday. Milling wheat for November delivery traded on NYSE Liffe in Paris rose 3.25 euros, or 1.7 percent, to 198.75 euros ($284.65) a metric ton. Prices may be climbing in the French capital to match yesterday’s gain in Chicago, FitzPatrick said. Milling wheat dropped 1 percent yesterday. Soybeans for November delivery fell 4.5 cents, or 0.3 percent, to $13.7525 a bushel in Chicago. The oilseed added 1.3 percent yesterday, the most since July 13. To contact the reporter on this story: Tony C. Dreibus in London at tdreibus@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter@bloomberg.net.

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