July 22 (Bloomberg) -- Corn fell for the third time in four sessions after rain in parts of the Midwest improved prospects for crops in the U.S., the world’s biggest grower and exporter. Soybeans rose, while wheat dropped.
As much as 2.5 inches (6.4 centimeters) of rain fell in parts of the Midwest in the past 72 hours, helping the corn crop as it enters the critical pollination stage, Commodity Weather Group LLC said in a report today. An additional 1.5 inches is forecast in the next five days. Prices fell 1.7 percent last week on speculation that wet weather will boost yields.
“Good rains have fallen in some areas,” Greg Grow, the director of agribusinss for Archer Financial Services Inc. in Chicago, said by telephone. “It appears the market is looking at the forecast, and it’s supportive to potentially good corn yields in many areas.”
Corn futures for December delivery dropped 0.5 percent to settle at $4.98 a bushel at 1:15 p.m. on the Chicago Board of Trade. The contract has dropped 17 percent this year after the U.S. government forecast record domestic production.
Soybeans futures for November delivery rose 1.1 percent to $12.885 a bushel in Chicago. The price gained as the Department of Agriculture has forecast U.S. stockpiles will fall to 125 million bushels by Aug. 31, the lowest in nine years, Grow said.
Wheat futures for September delivery fell 0.7 percent to $6.5975 a bushel on the CBOT.
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