Soybeans fell, halting the longest rally since July, after rain aided crops in Argentina and forecasts for more wet weather next week eased concerns that recent dryness may curb production. Corn and wheat declined. Soybeans for March delivery dropped as much as 0.5 percent to $11.6575 a bushel on the Chicago Board of Trade and were at 11.6675 at 3:17 p.m. in Singapore. The oilseed rose 0.7 percent yesterday, its sixth straight gain and the longest rally since July 15. Prices are set to gain 2.4 percent this week. Argentina’s corn and soybean crops will receive downpours through Dec. 29, improving soil humidity in the Pampas agricultural zone after the dryness in past weeks, the Buenos Aires Cereals Exchange said yesterday. North and central areas of the Pampas will receive up to 75 millimeters (2.95 inches) of rainfall, while southern areas won’t get rains, it said. “There was overnight rain in Argentina with some handy falls in patches and where that rain was experienced they’re certainly going to see an improvement in crop conditions,� Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said by phone from Sydney today. Crop stress may continue next week even after the rainfall forecast, he said. Soybean and corn crops in Brazil may have showers and cooler temperatures in coming days, weather forecaster Telvent DTN Inc. said in a report yesterday. Soybean prices have slumped 17 percent this year. The U.S. was the world’s largest producer and exporter of corn and soybeans in the season that ended Sept. 30. The U.S. Department of Agriculture says Brazil will top the U.S. this year as the largest shipper of soybeans. Argentina is the second-biggest corn exporter after the U.S. Corn for March delivery dropped as much as 0.4 percent to $6.1525 a bushel before trading at $6.165 a bushel. Prices rose 0.2 percent yesterday, capping the first five-session gain since mid-May. Futures are set to advance 5.8 percent this week, heading for a 2 percent decline this year. Wheat for March delivery declined 0.4 percent to $6.19 a bushel, heading for a 6 percent weekly gain. Prices have slumped 22 percent this year as global production expanded. To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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