Corn and soybeans extended losses as equity markets plunged, increasing speculation that a worsening global economy will reduce demand for food, animal feed and alternative fuels. Wheat was unchanged, paring early declines.

Corn has fallen 55% from its record in June and soybeans have lost 48% from an all-time high in July. Asian stocks rose for the first time this week and oil rebounded from near the lowest level since May 2005, reversing their early losses after the Standard & Poor's 500 Index yesterday plunged to its lowest level in 11 years.

"It's a reflection of what's happening in stock markets,'' said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. in Tokyo. ``All eyes are now on stocks.''

Corn for December delivery fell as much as 3.4%  to US$3.515 a bushel, the lowest since Oct. 15 2007, in after-hours trading in Chicago and was at US$3.57 at 2:16 p.m. Singapore time. The price, which touched a record US$7.9925 on June 27, has lost 6.8%  this week.

Soybeans for January delivery dropped as much as 2.4% to US$8.3525 a bushel, the lowest since Aug. 23, 2007, and stood at US$8.505 at 2:18 p.m. time. Most-active futures, which reached a record US$16.3675 on July 3, have fallen 6.1%  this week, losing for the third-straight week.

Wheat for March delivery was unchanged at US$5.31 a bushel by 2:16 p.m. time after dipping to US$5.1925 in early trade. The price has dropped 7.6%  this week. Futures have fallen 61% from a record US$13.495 on Feb. 27.