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.
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 fell from a 12-week high in Chicago and soybeans declined the most in two months on speculation that wet, warm weather in the U.S. will accelerate crop development, boosting yields. Wheat futures declined.
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.
China reaped its seventh record corn crop in eight years in the harvest now ending. That still won’t be enough to meet demand, driving a fivefold gain in imports as prices head for the highest-ever annual average.