Corn fell for the first time this week on expectation that production in the U.S., the world’s top grower, will reach the highest ever. Wheat also dropped.
The contract for December delivery lost as much as 0.7 percent to $3.415 a bushel on the Chicago Board of Trade and was at $3.435 by 2:13 p.m. in Singapore. Prices slumped to $3.3575 on Sept. 15, matching a four-year low reached on Sept. 11.
Futures tumbled 24 percent in the past year as farmers in the U.S. are set to harvest a record 14.395 billion bushels, the Department of Agriculture estimates. The nation’s harvest of soybeans will reach an all-time high of 3.913 billion bushels, the USDA forecast on Sept. 11. The anticipated 18.3 billion bushels of combined corn and soybeans production is set to overwhelm growers’ storage silos capable of holding only 13 billion bushels, according to the agency.