Related News:
Corn Declines From 14-Month High on U.S. Harvest Progress; Soybeans Steady
Corn fell from a 14-month high on speculation that warm, dry weather will boost crops in the U.S., the world’s biggest producer and exporter.
Dry weather will increase corn maturity and allow for harvesting in northern and central Midwest fields the next week, T-Storm Weather LLC in Chicago said in a report today. An estimated 17 percent of the corn crop was mature and ready for harvest as of Aug. 29, the government said last week. That compares with an average of 11 percent the prior five years.
“The harvest is moving north and the yields may be getting better,” increasing supplies for livestock feed and foodmakers, said Greg Grow, the director of Agribusiness for Archer Financial Services.
Corn futures for December delivery fell 2.25 cents, or 0.5 percent, to $4.6225 a bushel at 10:20 a.m. on the Chicago Board of Trade. Earlier, the price reached $4.69, the highest level for a most-active contract since June 11, 2009.
The commodity jumped 6.5 percent last week, the biggest such gain since early July.
Prices also fell today on speculation Russia’s grain-export ban may be lifted “sooner than expected,” Grow said.
Russia will lift the ban as soon harvest results are in, the state-run RIA Novosti reported Sept. 6, citing President Dmitry Medvedev
The world is not heading for a new food crisis and there is “no cause to worry,” given the global supply and demand balance, said Hafez Ghanem, the assistant director-general for economic and social development at the Food and Agriculture Organization.
Corn is the biggest U.S. crop, valued at $48.6 billion in 2009, government figures show.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
Rate These Stories
Rate this Page