Corn declines as crop condition ratings may boost US harvest
Wednesday, 2 September 2009
NEW YORK, Sept. 1 (Bloomberg): Corn slumped after a US Department of Agriculture crop condition report increased speculation that this year's harvest may be larger than forecast. Wheat also fell.
About 69 per cent of the US corn crop was in good or excellent condition as of Aug. 30, compared with 61 per cent a year earlier, the USDA said yesterday in a report.
"No doubt there will be another bumper crop for corn in the US," Hiroyuki Kikukawa, general manager of research at IDO Securities Co., said today by phone.
Corn for December delivery fell as much as 1.2 per cent to $3.2575 a bushel in electronic trading on the Chicago Board of Trade and traded at $3.2725 at 3:13 p.m. Singapore time. The most-active contract lost 5.7 per cent in August, the third monthly drop.
The USDA has predicted a crop of 12.761 billion bushels, 5.5 per cent more than last year and the second-largest ever.
About 75 per cent of corn plants in the top 18 producing states were filling kernels with sugars and starch as of Aug. 30, up from 57 per cent a week earlier, the USDA said. The average in the previous five years was 88 per cent.
An estimated 32 per cent of the crop was denting, when kernels begin to advance toward maturity, down from 42 per cent a year ago and the five-year average of 60 per cent.
About 69 per cent of the US corn crop was in good or excellent condition as of Aug. 30, compared with 61 per cent a year earlier, the USDA said yesterday in a report.
"No doubt there will be another bumper crop for corn in the US," Hiroyuki Kikukawa, general manager of research at IDO Securities Co., said today by phone.
Corn for December delivery fell as much as 1.2 per cent to $3.2575 a bushel in electronic trading on the Chicago Board of Trade and traded at $3.2725 at 3:13 p.m. Singapore time. The most-active contract lost 5.7 per cent in August, the third monthly drop.
The USDA has predicted a crop of 12.761 billion bushels, 5.5 per cent more than last year and the second-largest ever.
About 75 per cent of corn plants in the top 18 producing states were filling kernels with sugars and starch as of Aug. 30, up from 57 per cent a week earlier, the USDA said. The average in the previous five years was 88 per cent.
An estimated 32 per cent of the crop was denting, when kernels begin to advance toward maturity, down from 42 per cent a year ago and the five-year average of 60 per cent.