Corn futures decline before US global supply report

Corn futures declined for a second day, while soy and wheat were little changed, as investors and importers hold off purchases before the release of US government estimates on global agricultural supply.

July delivery corn fell 0.5% to US$3.685 a bushel in after-hours electronic trading on the Chicago Board of Trade at 10:33 a.m., Singapore time, Tuesday (May 11). Soy was little changed at US$9.615 a bushel, while wheat remained unchanged at US$4.9275 a bushel.

People are just waiting for the USDA report, and holding off purchases, said Michael Pitts, commodity sales director at National Australia Bank Ltd. Trading volume may remain thin until the reports are released, he said.

That compares with an estimate by the USDA for end-of-season supplies of 195.82 million tonnes.