Corn Tumbles as Midwest Yields Seen Rising; Soybeans, Wheat Drop
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Corn fell from a three-week high as field samples taken on farms in South Dakota and Ohio bolstered prospects for a record harvest in the U.S., the world’s largest grower and exporter. Soybeans and wheat dropped.
Corn yields in South Dakota will more than double to an average of 161.75 bushels an acre from 74 during the drought of 2012, participants in the annual Professional Farmers of America Midwest Crop Tour said yesterday, after examining fields in the state. Inspections of farms in Ohio led to estimates of 171.6 bushels an acre, on average, up from 110.5 in 2012. The U.S. government has forecast a record harvest of 13.76 billion bushels, sending prices down 32 percent this year.