Corn dropped for the second time in three days and soybeans declined as more rain is forecast for U.S. fields next week, boosting crop prospects. Wheat fell.
Wet weather is forecast for central and eastern growing areas in the next six to 10 days, according to MDA Weather Services. About 16 percent of corn was at the silking stage as of July 14, behind a five-year average of 35 percent, the U.S. Department of Agriculture said July 15. Silking is part of the plant pollination stage, when drought and high temperatures can hurt yields.
“The chances of rain improved, especially in the eastern Corn Belt, and that’s weighing on prices,” Brian Hoops, the president of Midwest Market Solutions in Springfield, Missouri, said by telephone. “We need to have some good growing conditions, and we’re starting to see that.”
Corn futures for December delivery fell 1.7 percent to settle at $5.02 a bushel at 1:15 p.m. on the Chicago Board of Trade. The contract is down 16 percent this year.
Soybean futures for November delivery slid 0.2 percent to $12.835 a bushel, the first decline this week.
Wheat futures for September slumped declined 0.7 percent to $6.65 a bushel in Chicago. The most-active contract has dropped 15 percent this year on prospects for global harvests to climb to a record.