Commodities Drop as Drier Weather Aids Crops

Corn and soybeans declined for a second day on expectation that drier weather in the U.S., the world’s top producer of the crops, would boost record harvests. Wheat fell to a one-week low.

Corn for December delivery lost as much as 1.1 percent to $3.4925 a bushel on the Chicago Board of Trade and was at $3.495 by 1:42 p.m. in Singapore. Futures climbed for the fourth straight week in the period ended Oct. 24, the longest rally in seven months, as harvesting in the U.S. trailed the five-year average because of rain.

A lack of notable rains across the central and western Midwest and Delta until Nov. 2 will favor corn and soybean harvesting, MDA Weather Services said in a report dated Oct. 24. Warm temperatures in the central and southern plains should aid winter wheat planting, the Gaithersburg, Maryland-based forecaster said.

Bloomberg

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