Corn, soy futures drop; wheat jumps

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CHICAGO- US corn and soybean futures prices fell on expectations for beneficial rains in crop-growing areas and as President Donald Trump said the country’s relationship with trading partner China was severely damaged.

A monthly US Department of Agriculture (USDA) report pegged America’s harvests below analysts’ expectations, although the estimates were not enough to pull crop prices higher.

Traders are paying close attention to weather forecasts because the US corn crop is in a key stage for development. Yields are important because the USDA previously estimated that farmers planted fewer acres than analysts expected.

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