Corn Extends Slump on U.S. Planting Surge; Wheat, Soybeans Drop
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Corn futures dropped for an eighth session, touching the lowest price since October 2010, as mild weather improved prospects for a record crop in the U.S., the world’s largest exporter. Wheat and soybeans also fell.
Farmers seeded 97.4 million acres (39.4 million hectares) of corn, the U.S. Department of Agriculture said June 28. That is the most since 1936 and exceeded the 95.431 million that analysts expected in a Bloomberg survey. Temperatures in the Midwest, the biggest growing area, will be lower than normal over the next five days, minimizing the risk of yield losses from excessive heat, according to DTN.