CHICAGO: Chicago soybeans dropped more than 3.5% on Monday, their first decline in three sessions following unexpected data from China that suggested declining demand for US agricultural commodities from the country.

The People’s Bank of China cut key interest rates on weaker-than-expected economic data from the world’s second-largest economy, raising concerns of a global recession.

US weather forecasts for rain in the coming weeks could aid parched soybean crops, adding pressure to markets.

Corn and wheat prices followed lower.

The most-active soybean contract on the Chicago Board of Trade lost 46-1/4 cents to $14.08 a bushel by 10:48 a.m. (1548 GMT), after falling to $13.86 earlier in the session, its lowest since Aug. 4.

The most active CBOT corn contract fell 18-1/4 cents to $6.24 a bushel, while CBOT wheat lost 10 cents to $8.12 a bushel.