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.