Soybeans fell, heading for the longest slump in seven weeks, on speculation that U.S. planting was reduced less than forecast by unusually heavy rains in May and June. Corn fell for a fourth session, and wheat rose.
Growers filed crop-insurance claims that covered 1.69 million acres of soybeans as of Sept. 1, the U.S. Department of Agriculture’s Farm Service Agency said in a report today. Based on the relationship between claims and planting during the previous two seasons, today’s report implies farmers sowed 226,000 acres less than the 76.378 million that the USDA said on Sept. 12 was planted, said Anne Frick at Jefferies Bache.
“The claims are below the 500,000 acres to 1 million acres some people expected to be cut,” Frick, a senior oilseed analyst, said in a telephone interview from New York. “The numbers suggest we are not looking at a big reduction in USDA planted acreage.”
Soybean futures for delivery in November fell 0.3 percent to $13.445 a bushel at 12:47 p.m. on the Chicago Board of Trade, heading for the first three-day drop since July 25. Prices fell 3.4 percent the previous two sessions on speculation that rains in the Midwest would aid yield potential.
Rainfall over the past week, along with more moisture forecast during the next seven days, may help to reduce stress and aid some immature crops still filling pods with beans after six weeks of dry weather, Frick said.
Farmers who participated in crop-subsidy programs filed claims for prevented planting on 3.57 million acres of corn, up from 3.41 million reported in August, the USDA said. The agency said Sept. 12 that farmers might harvest a record 13.843 billion bushels, more than previously estimated, as yields recover from last year’s drought.
Farmers filed crop-insurance claims on 1.98 million acres of wheat, up from 1.74 million in August, the USDA said.
Corn futures for delivery in December slipped 0.3 percent to $4.5525 a bushel in Chicago, after rising as much as 2.6 percent. Through yesterday, the most-active futures fell 35 percent this year.
Wheat futures for delivery in December increased 0.4 percent to $6.435 a bushel on the CBOT, heading for the first gain in three sessions.
Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, USDA data show.
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