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Corn Prices Extend Decline as Planting Almost Complete

June 3, 2014
Corn Planting Indiana
  
 
 

June 3 (Bloomberg) -- Corn declined for a fourth day as farmers in the U.S., the world’s biggest exporter, boosted planting and crop conditions improved. Wheat advanced, snapping the longest slump in 15 years.

Corn for July delivery lost as much as 0.7 percent to $4.6225 a bushel on the Chicago Board of Trade and was at $4.6475 at 11:49 a.m. in Singapore. Prices fell to $4.6025 yesterday, the lowest for a most-active contract since Feb. 28.

U.S. farmers had planted 95 percent of the corn crop as of June 1, up from 88 percent a week earlier, the U.S. Department of Agriculture said yesterday. Abundant rain in the central and southwest Midwest will improve moisture and maintain favorable conditions for corn and soybeans, MDA Information Systems LLC said. Domestic corn output is set to reach an all-time high of 353.97 million metric tons, the USDA predicts.

"Emergence for the corn crop is at 80 percent, similar to the five-year average, while the early condition of the crop is better than this time last year," Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote in a note today. U.S. soybean sowing is ahead of normal, they said.

About 76 percent of the U.S. crop was in good or excellent condition from 63 percent a year earlier, the USDA said yesterday. About 30 percent of U.S. winter wheat was rated good or excellent, unchanged from a week earlier, the agency said.

Wheat for July delivery rose 0.4 percent to $6.235 a bushel. Prices fell for a ninth day yesterday, the longest slump since Sept. 1, 1998. Soybeans declined 0.2 percent to $14.97 a bushel.

 

To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Jake Lloyd-Smith

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