Corn futures fell from a six-week high as drier weather will help aid harvesting in the U.S., the world’s largest grower. Soybeans also declined.
Rain will remain “very limited” in the next two weeks, aiding crop collection, Bethesda, Maryland-based Commodity Weather Group said today. About 24 percent of U.S. corn was harvested as of Oct. 12, trailing the prior five-year average of 43 percent, the U.S. Department of Agriculture reported yesterday. Prices gained 6.9 percent in the prior two sessions, while while soybeans rose 4.6 percent, partly on concern that gathering would continue to be delayed.
This recent rally “was probably overdone and an opportunity for producers to make some sales,” Brian Hoops, president of Midwest Market Solutions in Springfield, Missouri, said in a telephone interview. “It’s not a good time of the year to get real bullish during harvest.”
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