Corn Tumbles to 33-Month Low as U.S. Rain Bolstering Record Crop
This article is for subscribers only.
Corn futures tumbled to a 33-month low as forecasts for cool, wet weather improved prospects for a crop expected to be a record in the U.S., the world’s biggest grower. Wheat fell to a one-year low, and soybeans declined.
Precipitation is expected in Iowa, the top U.S. grower of corn and soybeans, and in Illinois over the next six to 10 days, Commodity Weather Group said today in a report. Rain in the Mississippi River Delta region also will benefit crops. Yields in southwestern Illinois will jump 60 percent from last year’s drought-damaged harvest to 183.3 bushels an acre, field samples taken yesterday by Doane Advisory Services Co. showed.