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Corn Slumps to 32-Month Low, Soy Falls on U.S. Outlook

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July 5 (Bloomberg) -- Corn futures fell to a 32-month low and soybeans declined on speculation that warm weather will boost prospects for crops in the U.S., the world’s top producer. Wheat dropped.

Dry weather is expected across the Midwest in the next six to 10 days, benefiting some plants that trailed average development for this time of year because of cool, wet conditions, DTN said. As much as six times the normal amount of rain fell in the past 30 days in parts of Iowa, Illinois and Indiana, National Weather Service data show.

“If you look at the next five to 10 days, we don’t have much in the way of detrimental weather,” Dewey Strickler, the president of Ag Watch Market Advisers in Franklin, Kentucky, said in a telephone interview. The corn crop in some areas “looks like it’s on steroids” because of ample soil moisture, he said.

Corn futures for December delivery fell 2.3 percent to settle at $4.9125 a bushel at 1:15 p.m. on the Chicago Board of Trade, after touching $4.895, the lowest for a most-active contract since Oct. 7, 2010. Trading was 32 percent less than the 100-day average for this time of day, according to data compiled by Bloomberg. Prices are down 31 percent from a year ago on speculation that a record U.S. harvest this year will send global production to the highest ever.

Soybean futures for November delivery dropped 1.8 percent to $12.2825 a bushel, after touching $12.275, the lowest since Feb. 10, 2012.

Wheat futures for September delivery fell 0.8 percent to $6.60 a bushel on the CBOT. On July 2, the price touched $6.5225, the lowest for a most-active contract since June 19, 2012.

The markets were closed yesterday for the Independence Day holiday.

Corn is the biggest U.S. crop, followed by soybeans, hay and wheat, government data show.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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