Corn Extends Drop as U.S. Crop Seen Climbing to Record

Soybeans fell for a third straight day in Chicago amid prospects for an ample harvest in the U.S., the world’s top producer. Corn settled unchanged, and wheat rose.

Rain in the next two weeks will improve soil moisture as mild temperatures aid plants filling pods with beans, World Weather Inc. in Overland Park, Kansas, said in a report today. Seventy percent of soybeans in the main growing areas were in good or excellent condition as of Aug. 24, the highest rating for the date since 1992, U.S. Department of Agriculture data show.

“People’s expectations for bigger crops are rising, reducing buyer interest to book large quantities ahead of the record harvests,” Jerry Gidel, the chief feed-grain analyst for Rice Dairy LLC in Chicago, said in a telephone interview.

Soybean futures for November delivery declined 0.4 percent to close at $10.2375 a bushel at 1:15 p.m. on the Chicago Board of Trade, after slumping yesterday to $10.1975, the lowest for a most-active contract since September 2010. Prices are down 21 this year.

The USDA projected Aug. 12 that the domestic soybean farmers will harvest a record 3.816 billion bushels. Global reserves before the start of the 2015 harvest are projected to gain 28 percent to a record, the government said this month. Jim Sutter, chief executive officer for the U.S. Soybean Export Council, said production may rise to as high as 4 billion.

Corn futures for December delivery were unchanged at $3.65 a bushel. Prices are down 14 percent this year and touched $3.58 on Aug. 12, the lowest since July 2010. The USDA projects that the domestic harvest will reach an all-time high of 14.032 billion bushels this year.

Wheat futures for delivery in December rose 1 percent to $5.6225 a bushel on the CBOT.

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