Corn Steady Near $3.34 as US Harvest Seen Topping Forecast

Corn dropped for the first time in six days on speculation that a U.S. government report this week may show larger-than-expected harvest in the world’s biggest producer. Soybeans and wheat retreated.

The contract for delivery in December declined as much as 0.9 percent to $3.375 a bushel, and traded at $3.38 at 11:07 a.m. in Singapore. The grain closed at $3.405 yesterday, the highest level for the most-active contract since Sept. 17.

The U.S. may gather 14.54 billion bushels of corn, topping a government forecast of a record 14.395 billion bushels, a Bloomberg survey showed. The U.S. Department of Agriculture is scheduled to release its projections, based on surveys of farmers and objective field estimates, at noon in Washington on Oct. 10.

Bloomberg

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