Corn Steady at $3.37 on U.S. Crop Outlook

Corn dropped to snap the longest rally in eight months on speculation that the U.S. government will raise its production estimate for the world’s top grower and exporter. Wheat fell the most in a week.

Corn for December delivery fell as much as 0.7 percent to $3.4075 a bushel on the Chicago Board of Trade and was at $3.4225 by 12:09 p.m. in Singapore. Futures rose 7 percent in six sessions through yesterday, the longest run since Jan. 28.

Farmers in the U.S. will harvest a record crop of 14.54 billion bushels after rain and cool weather boosted yield potential, according to a Bloomberg survey. That’s higher than the Department of Agriculture’s forecast of 14.395 billion bushels, the highest ever. The USDA will update its estimate tomorrow. Prices have dropped 19 percent this year.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.