Corn declined on speculation that demand for the U.S. crop may slow after futures had their biggest monthly gain this year in August, making the grain less competitive than exports from other countries. December-delivery corn slipped 0.6 percent to $7.63 a bushel on the Chicago Board of Trade at 12:01 p.m. Singapore time, after gaining 15 percent last month. Export sales of corn and wheat from the U.S. probably fell in the week ended Aug. 25, from a year earlier, according to a Bloomberg News survey. “In today’s world, it is easier to substitute Argentine and Brazilian corn exports for U.S. exports,” MF Global Inc. wrote in a report e-mailed today. Investors may also be locking in gains from last month’s rally ahead of the Labor Day holiday weekend in the U.S., MF Global said. Trading will halt on Sept. 5 because of the public holiday. Corn and soybean crops in the Midwest, the largest U.S. growing region “will continue to suffer,” as the driest areas have “fairly limited” chance for significant rain over the next week, Telvent DTN Inc. said in a forecast yesterday. “As long as the U.S. weather pattern remains dry, it could be supportive” to corn and soybean prices, MF Global said. Soybeans for November delivery fell 0.6 percent to $14.495 a bushel, after rising 7.4 percent in August. Wheat for December delivery declined 0.8 percent to $7.8525 a bushel, after an 11 percent gain last month. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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