Corn and soybean futures closed july 24, 2012

Corn and soybean futures closed july 24, 2012 : Corn and soybean futures tumbled for the second straight day on speculation that mounting European economic woes will erode commodity demand, and rain forecast in the U.S. this week may boost crops. Wheat also dropped.

Corn futures for December delivery fell 2.9 percent to $7.625 a bushel on the Chicago Board of Trade. Yesterday, the price closed down 1.3 percent after reaching a record $8.

Soybean futures for November delivery slumped 3 percent to $15.7325 a bushel. Yesterday, the price settled down 3.8 percent after climbing to an all-time high of $16.915.

Wheat futures for September delivery fell 4.1 percent to $8.7525 a bushel. A close at that price would mark the biggest drop for a most-active contract since June 1. Yesterday, the grain declined 3.2 percent.

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