Corn advanced to the highest level in more than a week after a government estimate showed that the harvest in the U.S., the world’s largest grower and exporter, will gain less than analysts expected. Soybeans dropped.
Corn for December delivery climbed as much as 0.9 percent to $4.3075 a bushel on the Chicago Board of Trade, the highest level since Oct. 31, and was at $4.29 by 10:57 a.m. in Singapore. Futures fell to $4.155 on Nov. 8, the lowest price since August, 2010 before the U.S. Department of Agriculture released the forecast. The grain slumped 39 percent this year.
U.S. farmers will collect a record 13.989 billion bushels, the USDA said in a report. While that’s more than the 13.843 billion predicted in September and 30 percent above the drought-damaged harvest of 2012, it was less than the 14.029 billion median of forecasts by 36 analysts in a Bloomberg survey.
“Traders were expecting a bigger crop, but the numbers fell short,” said Vanessa Tan, an analyst at Phillip Futures Pte in Singapore.
Soybeans for January delivery lost 0.3 percent to $12.925 a bushel. Futures advanced the most in eight weeks on Nov. 8 after the USDA report showed global inventories before next year’s harvest will total 70.23 million tons, less than 71.54 million predicted two months earlier.
The pace of harvesting progress is weighing on soybeans today, Tan said. About 86 percent of the crop was harvested by the week ending Nov. 3, compared with 77 percent on Oct. 27 and the five-year average of 85 percent, the USDA said Nov. 4.
Global output in the year that began Oct. 1 will reach a record 283.54 million tons, up 5.8 percent from a year earlier, as Brazil will top the U.S. as the biggest producer for the first time, the USDA said.
Wheat for December delivery climbed 0.2 percent to $6.5075 a bushel.
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