Corn traded near a 12-week low, poised to snap four months of gains, as planting accelerated in the U.S., the world’s biggest producer. Wheat headed for the first increase in seven sessions.
Corn for July delivery lost as much as 0.2 percent to $4.715 a bushel on the Chicago Board of Trade and was at $4.72 by 11:04 a.m. in Singapore. Prices touched $4.665 yesterday, the lowest since March 4, before rebounding to settle 0.6 percent higher. Futures are down 1.3 percent this week and set to decline 9.1 percent in May, after surging 23 percent in the previous four months.
Farmers planted 88 percent of the crop as of May 25, up from 73 percent a week earlier and matching the previous five-year average, the U.S. Department of Agriculture said May 27. Domestic production is set to climb to a record 353.97 million metric tons in 2014-2015, the agency estimates. The U.S. is also the largest exporter of the grain.