Corn and soybeans extended a slump to the lowest levels since 2010 on expectations that harvests in the U.S., the world’s biggest grower of the crops, will reach records. Wheat rebounded from a four-year low.
Corn for December delivery lost 0.4 percent to $3.3025 a bushel on the Chicago Board of Trade, the lowest for a most-active contract since June 2010. Soybean futures for November dropped as much as 1 percent to $9.4725 a bushel, the lowest since July 2010, and were at $9.485 by 9:30 a.m. in Singapore.
Corn tumbled 27 percent and soybeans 28 percent in the past year amid forecasts that output in the U.S. will climb to the highest ever. U.S. farmers may harvest 14.395 billion bushels of corn and 3.913 billion bushels of soybeans, the U.S. Department of Agriculture said Sept. 11. Increasing supplies are helping cut global food prices, with a United Nations’ index slumping to an almost four-year low in August.