Corn Futures Decline as Dry Weather May Speed U.S. Harvest

“We ran into some farmer selling above $4 today,” said Greg Grow, the director of agribusiness for Archer Financial Services in Chicago. “Farmers are making progress harvesting this week.”

Corn futures for December delivery fell 0.5 cent, or 0.1 percent, to $3.94 a bushel on the Chicago Board of Trade. Earlier, the price reached $4.03, the highest level for a most- active contract since Oct. 23.

The U.S. harvest this year will rise to 12.921 billion bushels, the second-biggest ever, the Department of Agriculture said yesterday. Futures have dropped 3.2 percent in 2009.

Prices also fell on speculation that domestic and global demand for animal feed will slow following a two-month rally, Grow said. Corn has climbed 28 percent since Sept. 8.

Source: Bloomberg