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.


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