Soybeans have also been unable to resist China's influence of late. After the soybean price plunged a good week ago to a six-year low of 855 US cents per bushel, it made slight gains yesterday and closed at 874 US cents per bushel, notes Commerzbank. Because a record crop is anticipated in the US, corn is again nearing its early August low of 357 US cents per bushel. Yesterday saw corn shed a further 1.7% to 369 US cents per bushel. The report from the US Department of Agriculture (USDA), which showed that nearly 7 million bushels more corn went into ethanol production in July than had been the case in June, was largely ignored.
