Corn Eases Below $3.37 Before USDA Report

Corn trimmed the biggest weekly advance since 2013 as investors weighed speculation that U.S. production will top government estimates against signs rain will delay the harvest in the biggest grower as demand improves.

The contract for December lost as much as 0.9 percent to $3.415 a bushel on the Chicago Board of Trade and was at $3.4175 at 2:08 p.m. in Singapore. Prices are set to jump 5.7 percent this week, the most since the period to May 31, 2013.

Corn slumped 19 percent this year on expectations U.S. output will climb to the highest ever. Farmers will reap 14.54 billion bushels, according to a Bloomberg survey of analysts before the U.S. Department of Agriculture updates its estimate today. The USDA forecast last month a record crop of 14.395 billion bushels. Harvesting in the U.S. trailed the five-year average, USDA data showed this week.

Bloomberg

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