Corn Set for Biggest Monthly Drop Since June on Sowing
By Jeff Wilson May 29, 2014 12:40 PM ET
Corn futures headed for the biggest monthly loss since June as U.S. planting neared completion and prospects improved for early crop development. Wheat also fell, while soybeans gained.
U.S. farmers planted 88 percent of the corn crop as of May 25, up from 73 percent a week earlier and matching the five-year average, the U.S. Department of Agriculture said. Sowing in Illinois, the biggest producer after Iowa, was 95 percent complete with 67 percent of the crop rated in good or excellent condition. Warm, wet weather in the next two weeks will boost early growth, T-Storm Weather said in a report today.
“Farmers are finishing up planting, and rain and warm temperatures means the crop will get off to a great start,” Brian Basting, a market analyst for Advance Trading Inc. in Bloomington, Illinois, said in a telephone interview. “The potential is there for very good yields.”
Corn futures for July delivery fell 0.9 percent to $4.6825 a bushel at 11:39 a.m. on the Chicago Board of Trade, after reaching $4.665 yesterday, the lowest since March 4. The grain has slumped 9.8 percent in May, after surging 23 percent in the previous four months.
Prices also declined on speculation that world inventories will rise with improving global weather conditions, Basting said.
more...
http://www.bloomberg.com/news/2014-05-29/corn-set-for-biggest-monthly-drop-since-june-on-u-s-sowing-pace.html