Corn Retreats as USDA Reports Declining Export Sales

Corn fell to an 11-week low after a government report showed U.S. exports have slipped since prices rallied to a record last month. Soybeans also declined.

U.S. exporters sold 368 metric tons in the week ended Sept. 20, compared with 69,578 tons a week earlier, the Department of Agriculture said today. Corn prices are down about 15 percent since the worst U.S. drought in half a century spurred a rally to a record $8.49 a bushel on Aug. 10. Wheat export sales at about 426,000 tons were 13 percent below a week earlier.

The export sales report “was disgusting on corn,” Mike Zuzolo, the president of Global Commodity Analytics & Consulting in Lafayette, Indiana, said by phone. “For wheat, even though sales were down from the four-week average, they were a little better than I was expecting.”

Corn for December delivery fell 0.8 percent to $7.19 a bushel at 8:07 a.m. on the Chicago Board of Trade, after touching $7.185, the lowest for a most-active contract since July 12. Soybeans for November delivery declined 0.4 percent to $15.66 a bushel.

Wheat for December-delivery fell 0.1 percent to $8.6825 a bushel in Chicago. In Paris, November-delivery milling wheat dropped 0.3 percent to 260.50 euros ($335.34) a metric ton on NYSE Liffe.

To contact the reporter on this story: Whitney McFerron in London at

To contact the editor responsible for this story: Claudia Carpenter at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.