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.
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