By Luzi Ann Javier
Nov. 13 (Bloomberg) -- Corn fell for a third day, trimming a weekly gain, on speculation drier weather in growing regions in the U.S. will accelerate harvesting in the world’s biggest exporter of the grain.
Iowa, Nebraska and Minnesota, three of the four biggest U.S. corn-producing states, were forecast to have normal to below- normal precipitation between Nov. 18 and Nov. 22, according to the U.S. Climate Prediction Center Web site.
“The market is interested in the rain forecast at the moment,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia in Sydney, said by phone today. Prices are reacting on prospects that farmers will be “able to complete the harvests, particularly in the U.S.”
Corn for December delivery slumped as much as 0.9 percent to $3.87 a bushel in after-hours electronic trading on the Chicago Board of Trade. The most-active contract traded at $3.88 a bushel, down 0.5 percent at 3:08 p.m. Singapore time, curbing the weekly gain to 5.9 percent.
Corn futures jumped 7.5 percent in the first two trading days of the week as the U.S. Department of Agriculture cut its forecast for the nation’s output and on speculation delays in harvest may curb yields further.
About 37 percent of the corn crop in the 18 largest U.S. growing states, had been harvested as of Nov. 8, compared with the past five-year average of 82 percent, the USDA said Nov. 9.
Production Forecast
The USDA on Nov. 10 reduced its corn production forecast for the world’s biggest exporter to 12.921 billion bushels, down 0.7 percent from its October estimate after heavier-than-normal rainfall and freezing temperatures helped reduce yield potential.
Soybeans for January delivery in Chicago were little changed at $9.91 a bushel, taking the weekly gain to 3.8 percent.
About 75 percent of the soybean crop in 18 largest U.S. producing states have been collected as of Nov. 8, compared with the past five year average of 92 percent, the USDA said Nov. 9.
Wheat for March delivery declined as much as 0.7 percent to $5.485 a bushel before trading at $5.495. The March contract has gained 6.2 percent rally this week.
Rough rice for January delivery jumped as much as 2.3 percent to $15.07 per 100 pounds in Chicago on speculation Thailand, the world’s biggest exporter, may delay sales, limiting supplies as the Philippines prepares for a record tender.
The Philippines is seeking to buy 600,000 metric tons of rice on Dec. 1 after cyclones damaged crops in the world’s biggest importer.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net
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