2014.11.1805:07:17UTC+00Corn falls again behind progress in US harvests

Corn declined for the third consecutive day for its longest losing streak this month with farmers in the US accelerating their harvest of the a record crop in the largest grower in the world.

Futures of the commodity grain with a delivery date in March fell by as much as 0.5% for a price per bushel of $3.8875 and was trading at $3.8975 late morning Singapore time on the Chicago Board of Trade. Should corn continue to drop today, it would mark its longest run of losses since September 23rd.

The US Department of Agriculture (USDA) said that approximately 89% of this season’s crop has been harvested as of November 16th, up from the 80% of the previous week and better than the average for the past five years. The USDA estimates the total harvest size to reach a record 14.407 billion bushels.

Futures for soybeans for January delivery fell by 0.7% for a price per bushel of $10.2925 a day after increasing by 1.3% due to US government data that showed supplies in the US for export reached a record high 3.13 million metric tons on November 13th. Over 78% of the shipment was meant for China, the largest consumer in the world.

Wheat for March delivery advanced by 0.15 for a price per bushel of $5.54.