Wheat futures fell in Chicago to the lowest in four months, extending a decline into a bear market on the outlook for rising global supplies. Soybeans also declined, while corn rebounded from the lowest since February.
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.