Corn Drops to Trade Near Three-Year Low on Record US Crop
- Focus shifts to US corn demand, South American crop prospects
- Cargill says China made big purchase of US soy this week
A farmer harvests corn in a field near Osage, Iowa.
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Corn futures extended losses, trading near a three-year low, on forecasts that the US farmers will collect a record harvest this season.
The most widely grown American crop is seen totaling 15.234 billion bushels, above analyst estimates and surpassing 2016’s previous record of 15.148 billion, US Department of Agriculture showed Thursday.