Corn slipped for a third day on the Chicago Mercantile Exchange amid forecasts for an ample supply even with slower planting and decreased sown to corn areas.
Corn for July delivery rebounded and compensated for earlier session losses, but is still pressured. Corn traded 0.47% higher on the day at $6.6350 a bushel at 12:45 GMT. At 15:10 GMT the grain stood at $6.6138 a bushel.
According to the U.S. Department of Agriculture’s report this week, around 91% of the corn crop in the world’s largest grower has been planted, up from 86% last week. Planting was completed by that time last year. The USDA said on May 10 that the U.S. will harvest a record 359.2 million tons this year even though the area sown to corn may 93.5 million acres, 3.9% less than forecast in March. That would still leave production 23% higher than last years reduced to drought crop, said Morgan Stanley on June 3.
Dave Norris, an independent grain broker in Harrogate, England, commented by telephone for Bloomberg: “Maybe there will be less corn than expected, but it’s still going to be a record crop. With potential increases in production in Ukraine and Russia and other Black Sea countries, it’s difficult to paint it too bullish, even if the U.S. does lose 3 or 4 million acres of corn this year.”
Ilya Shestakov, Deputy Minister of Agriculture of the Russian Federation said Russia’s total grain harvest may surge to 95 million metric tons this season, significantly above the 70.9 million tons a year earlier.
Elsewhere on the grain market, soybeans advanced during the session and traded at $15.3213 a bushel at 12:44 GMT, up 0.26% on the day. The USDA reported in its weekly crop progress report that 57% of the nation’s crop was planted as of June 2. This is 13% higher than last week, but still significantly below the five-year average of 74%. As of June 2 2012, 93% of the soybeans crop was planted.
Wheat futures for July delivery lost 0.05% and stood at $7.0925 a bushel at 12:44 GMT after marking a fourth day of gains.
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