Corn Drops as U.S. Harvest Progresses; Soybeans SlideElizabeth Campbell and Supunnabul Suwannakij
Corn futures fell for the second straight day on signs of increasing supplies from the U.S., the world’s largest grower. Soybeans rose, extending the longest rally in five months.
The U.S. corn harvest will be 13.989 billion bushels, the largest ever, the Department of Agriculture said on Nov. 8. Farmers collected 84 percent of the crop as of Nov. 10, up from 73 percent a week earlier, the agency said yesterday. The price has plunged 41 percent in the past 12 months.
“There’s a big crop out there,” Paul Beere, a market adviser at Prime Agricultural Inc. in Brookfield, Wisconsin, said in a telephone interview. “Everybody we talk to is pleased with their yields.”
Corn futures for December delivery fell 0.6 percent to settle at $4.2975 a bushel at 1:15 p.m. on the Chicago Board of Trade. The commodity dropped 0.6 percent yesterday. On Nov. 8, the price touched $4.155, the lowest since August 2010.
The grain may bottom at $3.70 to $3.90, David Hightower, the president of the Hightower Report, said today at an industry conference in Geneva.
Soybean futures for January delivery rose less than 0.1 percent to $13.15 a bushel. The price climbed for the sixth straight session, the longest rally since May 23. The oilseed has dropped 6.7 percent this year.
Wheat futures for December delivery advanced less than 0.1 percent to $6.455 a bushel. The price fell in the previous seven sessions, the longest slump in two months. The grain has slumped 17 percent this year.