Corn Futures Fall to Three-Week Low on Weather Outlook
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Corn futures fell to a three-week low on speculation that rain will help boost yields in Iowa and Illinois, the largest U.S. growers. Wheat posted the longest slump in nine weeks, while soybeans gained.
Precipitation may fall in the “heart of the Corn Belt” from Nebraska through Illinois in the next five days, QT Weather said in a report. As much as 2 inches (5.1 centimeters) of rain fell in the past 24 hours in parts of Nebraska and Iowa, the Chicago-based company said. Corn has tumbled 34 percent this year on speculation that the crop will be the biggest ever in the U.S., the world’s top producer.