By Luzi Ann Javier
Nov. 3 (Bloomberg) -- Soybeans and corn dropped on speculation the Department of Agriculture may raise its yield estimate for the crops in the U.S., the world’s largest exporter.
Corn yields may be 0.2 bushels an acre higher than USDA’s October estimate of 164.2 bushels and soybean yields may average 0.1 bushel more than the USDA estimate of 42.4 bushels an acre, Allendale Inc., a McHenry, Illinois-based commodity research advisory firm, said in an e-mail yesterday.
The market was “expecting lower yields,” Rakesh Singh, a grain trader at Emmsons International Ltd., said by phone from New Delhi today. “It looks like it isn’t all that bad.”
January-delivery soybeans fell 0.3 percent to $9.95 a bushel in after-hours electronic trading on the Chicago Board of Trade at 1:43 p.m. Singapore time, after closing 2.2 percent higher yesterday.
Corn for December delivery declined 0.7 percent to $3.795 a bushel, after ending 4.4 percent higher yesterday as a slumping dollar boosted investment demand for commodities as a hedge against inflation.
December-delivery wheat dropped 0.6 percent to $5.1375 a bushel. The grain advanced 4.6 percent yesterday.
The USDA is expected to release its latest forecast on U.S. and global supply and demand for grains and soybeans next week.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net
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