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.
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.
Wheat futures fell to a two-month low on speculation that demand from livestock producers will slow after the U.S. government reported bigger-than-expected inventories of corn, the primary source of animal feed.