Corn capped the longest slump in more than a month and wheat fell to a six-week low on signs that warm, dry weather will allow U.S. farmers to accelerate planting delayed by a cold, wet April. Soybeans rose.
Corn rose the most in two weeks on speculation that persistent wet weather in parts of the Midwest will delay planting and curb yield potential of the biggest U.S. crop. Soybeans and wheat also gained.
Global farmers will harvest the biggest grain and soybean crops ever this year, boosting food reserves to the highest since 2000, the U.S. government said. Corn, wheat and oilseed futures in Chicago slumped.
Corn futures tumbled, capping the biggest weekly loss in more than a month, after the government said U.S. inventories will double as farms recover from the drought in 2012 to produce the biggest crop ever.
Corn futures fell from a four-week high on speculation that U.S. farmers boosted sales of grain harvested in 2012 and that drier weather will help ease planting delays for this year’s crop. Soybeans also dropped, while wheat rose.
Corn futures fell, capping a second weekly loss, on expectations for higher global output as U.S. farmers prepare to plant a record crop amid forecasts for drier weather in the Midwest. Wheat slid, while soybeans rose.