Corn futures slid the most in three weeks after the U.S. Department of Agriculture said production in 2014 will reach an all-time high and expand a surplus before next year’s harvest. Wheat fell, and soybeans climbed.
Corn rebounded from a 35-month low on speculation that Midwest rains will miss most of Iowa, the biggest U.S. grower, further limiting growth of a crop that was planted later than normal. Soybeans and wheat also gained.
Wheat gained for the fifth time in six sessions as wet weather in Canada, the second-biggest shipper of the grain, may reduce planting to its lowest amount in almost four decades. Corn and soybean also rose.
Soybeans rose to a one-week high on speculation that wet weather in Great Plains and Midwest states will prevent U.S. farmers from seeding crops on already muddy fields. Corn rallied for the seventh of eight sessions.
The condition of the U.S. corn crop worsened for the seventh straight week, the longest such streak since September 2000, as the worst Midwest drought in a generation expanded. Soybean ratings also fell.