Soybeans climbed for the first time in three days on expectations that demand would increase for supplies from the U.S., the world’s second-biggest shipper, even as global production heads for a record.
Corn fell to a one-week low after the U.S. proposed a cut in the amount of renewable fuels refiners must blend with gasoline next year, reducing demand for crops used to produce biofuels. Soybeans were little changed.
China’s corn harvest is poised to decline for the first time in four years after flooding in its biggest-producing province and drought in its fifth largest cut yields, easing a global glut as the U.S. reaps a record crop.
Corn dropped for a sixth day to trade near the lowest level in more than three years after U.S. farmers accelerated harvesting of a record crop amid speculation yields may be bigger than a government forecast.
Wheat fell to the lowest level in five weeks and headed for the biggest weekly loss since June on expectations India will increase exports, adding to record global supply. Corn traded near a three-year low.
Wheat stockpiles in Australia, the world’s fourth-largest exporter, may increase by more than expected as the pace of overseas sales slows on tougher competition, according to Commonwealth Bank of Australia.
Wheat headed for the biggest weekly drop in more than two months on speculation that an increase in shipments from India, the second-biggest grower, will boost supplies in a year when global output is set to reach a record.