Corn Extends Slump to 33-Month Low on U.S. Crop; Soy, Wheat Drop – Bloomberg

Corn dropped to a 33-month low for a second day as rain and warm weather boost prospects for a record crop in the U.S., the world’s biggest producer and exporter. Soybeans and wheat retreated.

Scattered precipitation is expected in the central part of the Great Plains by July 29 and no hot weather in the next six to 10 days, DTN said in a report today. Rain expected in parts of North Dakota, South Dakota and Minnesota will “favor” corn, soybeans and spring wheat, the forecaster said.

“We could not ask for a more ideal weather situation than what we have,” Jacquie Voeks, a senior market advisor at Stewart-Peterson Group in West Bend, Wisconsin, said in a telephone interview.

Corn futures for December delivery tumbled 1.1 percent to settle at $4.8025 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price earlier touched $4.795, the lowest for a most-active contract since Oct. 5, 2010.

“If the harvest was today, there are places in Minnesota and Wisconsin that would harvest 30 to 40 bushels over the five-year average,” Voeks said. Minnesota produced 167.2 bushels an acre during that period, and Wisconsin yielded 145.8, U.S. Department of Agriculture data show.

Soybean futures for November delivery fell 0.3 percent to $12.5675 a bushel on the CBOT, after touching $12.53, the lowest since July 15.

Wheat futures for September delivery slipped 0.1 percent to $6.5325 a bushel in Chicago.