Wheat and corn futures dropped in Chicago, snapping three days of gains.
Wheat for December delivery slid as much as 0.5 percent to $7.81 a bushel and traded at $7.82 at 8:07 a.m. Singapore time, after advancing 6.1 percent in three days and reaching a two- month high. Corn fell 0.1 percent to $7.425 a bushel after gaining 4.3 percent in three days and posting a 10-week high.
Futures had gained on speculation that dry weather in the U.S. will hurt yields. About 100 farmers, analysts and grain buyers are traveling across the Midwest this week, taking field samples to gauge the size of the corn and soybean crops.
Preliminary reports in central Indiana and Nebraska indicated that corn yields and soybean-pod counts may be lower than last year. The tour estimated lower corn yields in Ohio and South Dakota. Soybean-pod counts may be larger in Ohio and smaller in South Dakota than in 2010.
“The trade still has to get a handle on a declining crop and demand that appears to be steady at worst and probably higher,” Louise Gartner, the owner of Spectrum Commodities in Beavercreek, Ohio, said in an interview. “We continue to hear reports of yields that are less than what the USDA has issued.”
Soybean futures for November delivery were little changed at $13.965 a bushel in Chicago. Prices gained yesterday to $14 a bushel, the highest since July 19.
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