US Corn lower with weather expected to improve

Corn fell for a second day after a government report showed planting in the U.S. was nearing completion amid drier weather that may improve growing conditions. Wheat and soybeans declined.

Corn for December delivery dropped as much as 0.8 percent to $5.4175 a bushel on the Chicago Board of Trade, before trading at $5.445 at 1:21 p.m. Singapore time. The contract lost 2.2 percent yesterday, the most in five weeks on speculation that hot, dry weather in the U.S. Midwest will improve crop prospects after heavy rains delayed spring planting.

Improving weather conditions in the Midwest for late planting and crop development were forecast by DTN in a report yesterday. About 95 percent of corn was sown in the main growing regions as of June 9, compared with a five-year average of 98 percent, U.S. Department of Agriculture data show.

Bloomberg

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