Corn and soybean futures fell as concerns eased that frost will damage plants in parts of the U.S., the world’s top grower of the crops. Wheat dropped to a five-week low.
The odds for a damaging freeze in northern Plains states and the upper Midwest have declined, Bethesda, Maryland-based Commodity Weather Group said today in a report. Last week, corn and soybean prices fell to four-year lows on the outlook for record-high crops this year.
“There was a concern of how low the temperatures might go in places like North Dakota, Minnesota and on into Wisconsin,” Bill Lapp, the president of Advanced Economic Solutions in Omaha, Nebraska, said in a telephone interview. “Instead of impacting 500 million to 1 billion bushels, it could have some impact on a smaller amount. It’s a much narrower area.”
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