Corn fluctuated after its biggest advance in more than five weeks as investors weighed expectations that drier weather later this week following rains in the Midwest may aid harvesting of a record U.S. crop.
The contract for December delivery gained 0.2 percent to $4.445 a bushel on the Chicago Board of Trade at 12:56 p.m. in Singapore after losing 0.2 percent. Prices climbed 1.5 percent yesterday, the most since Sept. 6.
Corn has slumped 36 percent this year on expectations U.S. production will reach an all-time high of 13.84 billion bushels as crops recover from last year’s drought-affected harvest, the U.S. Department of Agriculture predicts. While rains yesterday may stall corn and soybean harvesting across the Midwest, drier weather later this week and next will favor fieldwork, MDA Information Systems LLC said yesterday.
"Harvest activities in the U.S. Midwest are currently being delayed because of rain, however favorable harvest weather is forecast for the remainder of the week," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a note today. Most data from the USDA, including monthly supply and demand figures, have been suspended amid a partial government shutdown that started Oct. 1.
Soybeans for November delivery gained as much as 0.5 percent to $12.735 a bushel and were at $12.6825. Wheat for delivery in December retreated 0.2 percent to $6.845 a bushel.