Corn rose the most in a week in Chicago as crop conditions deteriorated in the U.S. after warm weather, while plants are maturing at a slower-than-average pace. Soybeans and wheat climbed.
Sixty-six percent of corn crops in the main growing areas were rated good or excellent as of July 14, down from 68 percent that received the top ratings a week earlier, the U.S. Department of Agriculture said yesterday. Sixteen percent of corn had reached the silking stage, critical for determining yields, compared with 35 percent of crops on average that had reached that phase by this time in the past five years.
“The development of corn and soybean plants continues to lag behind,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in an e-mailed report today. “There is thus still a risk of lower crop yields if conditions turn out to be too hot and dry.”
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