Corn fell the most in five weeks and soybeans dropped on speculation that hot, dry weather in the U.S. Midwest will improve crop prospects after heavy rains delayed spring planting. Wheat also declined.
Rain missed the central Midwest over the weekend, allowing fields to dry enough for farmers to speed seeding, Commodity Weather Group said today in a report. About 91 percent of corn and 57 percent of soybeans were sown in the main growing regions as of June 2, U.S. Department of Agriculture data show. Hot weather also will aid early plant growth, CWG said.
"The way the weather is shaping up, we’re going to get some heat," Jason Britt, the president of brokerage Central States Commodities Inc. in Kansas City, Missouri, said by telephone. "It looks like yields that were diminishing are going to stabilize, if not see some improvement."
Corn futures for December delivery plunged 3 percent to $5.42 a bushel at 9:39 a.m. on the Chicago Board of Trade, heading for the biggest decline since May 6. Through June 7, the most-active contract was down 20 percent this year.
Soybean futures for delivery in November, after the harvest, fell 1.5 percent to $13.10 a bushel in Chicago. A close at that price would mark the biggest decline for the contract since April 15. The July contract, which was the most-active contract through last week, dropped 1.6 percent to $15.04.
Wheat futures for delivery in July slid 2.2 percent to $6.8125 a bushel, heading for the fourth straight drop. The grain through June 7 was down 11 percent in 2013.