Corn extended losses to a one-week low and soybeans declined for a fifth day to almost a five-month low as the U.S. credit rating cut stoked concern that an economic slowdown will worsen and reduce demand for commodities. December-delivery corn lost as much as 2.3 percent to $6.7025 a bushel, the lowest level since Aug. 1, on the Chicago Board of Trade and was at $6.84 at 3:25 p.m. Tokyo time. Soybeans for November delivery fell as much as 2.3 percent to $12.82 a bushel, the lowest price since March 16, before trading at $13.03. Asian stocks dropped for a sixth day and oil sank below $80 a barrel amid concern the loss of the U.S.’s AAA rating will exacerbate a slowing global recovery. The MSCI Asia Pacific Index lost as much as 5.5 percent after the S&P 500 fell 6.7 percent yesterday, the most since December 2008. “It’s all about the gloomy economy, driving stocks and commodities lower,” said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. Still, the poor U.S. corn crop condition following a heat wave in the Midwest was lending some support to the market, he said. About 60 percent of corn in the top 18 producing states was in good or excellent condition as of Aug. 7, down from 62 percent a week earlier and 71 percent a year ago, the U.S. Department of Agriculture said yesterday in a report. About 93 percent of the plants were reproducing, up from 83 percent the previous week, the USDA said. Soybean Crop An estimated 61 percent of the soybean crop got the top ratings, compared with 60 percent a week ago and 66 percent a year earlier. About 87 percent of the plants were flowering, up from 77 percent the previous week, the USDA said. About 96 percent of spring wheat, grown mostly in the northern Great Plains, was forming grain, compared with 90 percent a week earlier and 100 percent, on average, in the past five years, the USDA said. An estimated 66 percent of the crop was in good or excellent condition, compared with 70 percent a week earlier and 82 percent a year earlier. The winter-wheat harvest was 85 percent completed, compared with 81 percent a week earlier, the USDA said. The average for the previous five years was 91 percent. December-delivery wheat was unchanged at $6.9425 a bushel after losing as much as 1.9 percent to $6.8175, the lowest price since July 26. The grain lost 3.9 percent yesterday, the biggest decline since June 30. To contact the reporter on this story： Jae Hur in Tokyo at jhur1@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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