(Bloomberg) – Corn plunged to the lowest in almost 10 months on speculation that improving weather will boost planting in the U.S., the world’s biggest grower and exporter. Soybeans and wheat also fell.
Less rain is expected to fall in the eastern Midwest of the U.S. in the next six to 15 days than fell in the past week, Commodity Weather Group said in a report today. That may reduce corn-planting delays, according to the forecaster. About 4 percent of the crop was seeded as of April 19, double the amount a week earlier, U.S. Department of Agriculture data show.
“The perception is that by the end of next week some areas will be warm and dry enough to start planting again,” Tomm Pfitzenmaier, a partner at Summit Commodity Brokerage in Des Moines, Iowa, said by telephone. “If that happens, then most of the corn will be planted in the May 1 through May 10 timeframe.”
Corn futures for July delivery fell 0.7 percent to $6.1925 a bushel at 10:28 a.m. on the Chicago Board of Trade. The price earlier touched $6.1325, the lowest since June 26.
Soybean futures for delivery in July slid 0.1 percent to $13.625 a bushel in Chicago, heading for a third straight decline.
Wheat futures for July delivery dropped 1.1 percent to $6.95 a bushel on the CBOT after reaching $6.8825, the lowest since April 4.
