Corn fell to the lowest price in almost three weeks on speculation that rapid planting and favorable growing conditions will aid early development and boost yields in the U.S., the world’s largest producer and exporter.
Global wheat prices are unlikely to fall further for the next two to three months and may have bottomed out for the time being, a senior industry official said Tuesday.
Soybeans fell the most this month on speculation that China’s efforts to curb inflation will slow economic growth, reducing demand for food, fuel and animal feed made from imported oilseeds.
Wheat futures for July delivery fell 0.5 cent, or 0.1 percent, to $4.875 a bushel at 11:22 a.m. on the Chicago Board of Trade, paring an earlier loss of as much as 0.9 percent.
Canadian farmers are expected to plant record canola acres this spring, Statistics Canada said Monday in its planting intentions report.
Wheat prices in China's major producing areas were mostly stable in the week to Monday, with prices in some areas drifting lower on weaker seasonal demand.
Argentine wheat-planting prospects remain uncertain due to government policy and the weather, but most expect production to rise significantly from the amount grown from 2009-10's drought-stricken crop.
U.S. farmers accelerated planting of the corn crop last week ahead of weekend rain, government data show. Winter-wheat conditions held steady.
Soybeans fell from a three-month high on signs that importers are slowing shipments from the U.S., the biggest exporter.
Raw sugar rose the most in a week after the U.S. increased its import quota and on speculation that drought in China will curb production and tighten global supplies.