Corn declined for a second day on speculation drier and warmer weather in the U.S. will aid harvesting of a record crop in the world’s top grower. Soybeans fell as rain in Brazil may boost the outlook for production.
Corn for December delivery lost as much as 0.8 percent to $3.4525 a bushel on the Chicago Board of Trade and was at $3.46 by 9:51 a.m. in Singapore. Prices climbed 4.2 percent last week, the biggest gain since the period to March 7, after rain delayed harvesting in parts of the U.S.
Dry weather in most parts of the Midwest through this week will allow corn and soybean harvesting to progress, MDA Weather Services said in an Oct. 17 report. As of Oct. 12, about 24 percent of the corn crop was collected, down from a five-year average of 43 percent, U.S. Department of Agriculture data show. The soybean harvest was 40 percent complete, behind the average pace of 53 percent. The USDA will update harvest progress today.
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