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  • bluecheese4u bluecheese4u Jun 11, 2013 1:35 AM Flag

    Corn Drops With U.S. Planting Near Complete Amid Better Weather

    Corn Drops With U.S. Planting Near Complete Amid Better Weather

    By Ranjeetha Pakiam - Jun 10, 2013 8:06 PM MT

    Corn fell after a government report showed planting in the U.S. was nearing completion amid drier weather that may improve sowing conditions. Wheat declined.

    Corn for December delivery dropped as much as 0.8 percent to $5.4175 a bushel on the Chicago Board of Trade, before trading at $5.43 at 9:50 a.m. Singapore time. Futures lost the most in five weeks yesterday on speculation that hot, dry weather in the U.S. Midwest will improve crop prospects after heavy rains delayed spring planting.

    Improving weather conditions in the Midwest for late planting and crop development were forecast by DTN in a report yesterday. About 95 percent of corn was sown in the main growing regions as of June 9, compared with a five-year average of 98 percent, U.S. Department of Agriculture data show.

    The USDA data “may maintain the bearish mood,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today. “The USDA indicated that U.S. corn planting to 95 percent complete last week to be only 3 points off the normal planting pace. Emergence rates continue to improve and 63 percent of the crop is rated good-to-excellent.”

    Wheat for July delivery slid 0.4 percent to $6.87 a bushel. Soybeans for delivery in November fell 0.2 percent to $13.165 a bushel.

    U.S. soybean farmers are planting a record crop that’s poised to double domestic reserves and expand a global surplus after last year’s drought drove prices to an all-time high. U.S. production will jump 12 percent to 91.74 million tons, according to a survey by Bloomberg News. The USDA will update its estimates tomorrow.


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