level since March on speculation that farmers accelerated planting because of dry and warm weather in the US, the world’s biggest exporter. Wheat declined to an 11-week low. Corn for July delivery lost as much as 1.5% to $4.7075 a bushel on the Chicago Board of Trade, the lowest for a most-active contract since March 4, and was at $4.7125 at 2:23 pm. in Singapore. Markets in the US were closed yesterday.
Warmer and drier conditions helped planting over the past week after delays caused by cold weather and snow, WeatherBELL Analytics LLC said yesterday. About 73% of the crop was planted as of May 18 from 59% a week earlier, the US Department of Agriculture said May 19. The USDA will update planting progress in a report today. Domestic output will reach a record 353.97 million metric tons in 2014-2015, it says.
“Today’s report may show corn planting is close to being completed in the US following a stretch of favorable, dry and warm weather last week,” Vyanne Lai, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne. “Global supply conditions are comfortable.”
Wheat for July delivery fell as much as 1.7% to $6.4125 a bushel, the lowest for a most-active contract since March 11, before trading at $6.4425. Soybeans lost 0.7% to $15.045 a bushel.
