Breaking News


Corn Nears Three-Year Low on Record U.S. Harvest, Yield Outlook

Corn dropped for a sixth day to trade near the lowest level in more than three years after U.S. farmers accelerated harvesting of a record crop amid speculation yields may be bigger than a government forecast.

The contract for December delivery lost as much as 0.2 percent to $4.2425 a bushel on the Chicago Board of Trade and was at $4.245 by 2 p.m. Singapore time. Prices fell to $4.24 yesterday, the cheapest since August 2010.

Corn tumbled 39 percent this year as U.S. production may climb 28 percent to a record 13.8 billion bushels, according to the Department of Agriculture. Yields may be 159.2 bushels per acre, compared with the USDA’s estimate of 155.3, according to a Bloomberg News survey. That may push output to 14.029 billion bushels, the survey shows. The USDA is scheduled to update its estimates on Nov. 8.

“After a slow start, the pace of the U.S. corn harvest has surged in recent weeks,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today. “Yields have been generally stronger than expected.”

About 73 percent of the crop was harvested as of Nov. 3, up from 59 percent a week earlier and above the five-year average of 71 percent, the USDA said Nov. 4.

Wheat for December delivery gained 0.3 percent to $6.58 a bushel, climbing for the first time in three days. Soybeans for delivery in January added 0.2 percent to $12.525 a bushel.

To contact the reporter on this story: Phoebe Sedgman in Melbourne at

To contact the editor responsible for this story: James Poole at

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.