Corn Drops as Seeding Nears Completion in U.S., Boosting Outlook

June 4th, 2013

By:

Category: Grains, Oilseeds

Corn showing gains(Bloomberg) – Corn tumbled for a second day as planting neared completion in the U.S., the world’s largest grower, easing concern that acreage would be smaller than predicted by the government. Wheat and soybeans fell.

Corn for delivery in December lost as much as 1.3 percent to $5.53 a bushel on the Chicago Board of Trade, and was at $5.5375 at 12:04 p.m. Singapore time. Soybeans for July fell 0.7 percent to $15.2175 a bushel.

About 91 percent of the corn crop was planted as of June 2, up from 86 percent a week earlier, the U.S. Department of Agriculture said in a report yesterday. The nation will harvesta record 359.2 million metric tons, the USDA said May 10.

“When we see an improvement in the planting progress, prices do come down,” Joyce Liu, an analyst at Phillip Futures Pte., said from Singapore. “If the crop didn’t get planted soon enough, we would have expected a reduction in acreage.”

Wheat for July delivery lost 0.9 percent to $7.025 a bushel in Chicago. Prices of U.S. wheat may fall should more countries delay or cancel purchases after an unauthorized, genetically modified strain was found in Oregon, Abdolreza Abbassian, a senior economist at the United Nations’ Food & Agriculture Organization, said in an interview yesterday.

Add New Comment

Forgot password? or Register

You are commenting as a guest.