Corn Drops as U.S. Planting Gains, Boosting Supply
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Corn fell for the second time this week as planting advanced in the U.S., the world’s largest grower, boosting production prospects before a government report that may show rising domestic and world supplies.
About 71 percent of the crop in the U.S. had been planted by May 6, up from 32 percent a year earlier, the most recent Department of Agriculture data show. Above-average temperatures allowed crop development to accelerate, the USDA said in a weekly bulletin yesterday. The U.S. may harvest a record 14.395 billion bushels of corn, according to a Bloomberg News survey before the USDA releases its production estimates tomorrow.