Newedge USA LLC, the third-largest U.S. futures brokerage, cut its estimate for the nation’s corn production after conditions deteriorated for a seventh straight week in the world’s largest grower. Futures pared losses.
Corn may advance to a record as “nervousness” returns about global supply and harvest yields in the U.S., the biggest shipper, may be less than expected, according to Newedge USA LLC, the world’s biggest futures broker.
Soybeans rose on speculation that rain will slow the harvest in the U.S., the world’s top producer, boosting demand for prompt supply. Wheat closed at the highest since June, and corn erased a drop to a three-year low.