Corn Declines as Cool, Wet Weather Boosts Crop; Soy, Wheat Fall
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Corn futures dropped, extending declines to the lowest since October 2010, as cool, wet weather in the U.S. Midwest will boost yields, and on the government’s forecast of a record harvest. Soybeans and wheat fell.
Rainfall in the next 10 days will be above normal in parts of Nebraska, Kansas and Missouri, Commodity Weather Group said in a report today. Cool weather also will prevent heat stress on plants, forecaster DTN said. The U.S. Department of Agriculture said July 11 that farmers will boost output by 29 percent this year to a record 13.95 billion bushels.