Dec. 13 (Bloomberg) -- Corn futures fell the most in three weeks on speculation that China may reject more U.S. shipments that contain a genetically modified variety. Soybeans gained, while wheat prices dropped.
China rejected 180,000 metric tons of insect-resistant corn from the U.S. because the variety was still undergoing a safety review. Agriculture Secretary Tom Vilsack will travel to Beijing with other U.S. officials next week for trade talks to open markets, the agency said in a e-mailed statement today.
“The ongoing disruption of trade continues to weigh on the market,” Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. “People are worried that China may cancel additional shipments.”
Corn futures for March delivery fell 2 percent to close at $4.255 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest decline since Nov. 18. The price tumbled 39 percent this year. The crop in the U.S., the top producer, is forecast to rise 30 percent by the government to the biggest ever.
As of Dec. 5, about 2.73 million tons of corn sales to China hadn’t been inspected for shipping, after more than 3.04 million were already exported since Sept. 1, according to the data from U.S. Department of Agriculture. Syngenta AG applied several times for China’s approval of the MIR 162 grain since 2010 and was told materials and statistics submitted were incomplete, Bi Meijia, chief economist of the Ministry of Agriculture, said Dec. 6.
Soybean futures for January delivery rose 0.3 percent to $13.275 a bushel after earlier touching $13.1225, the lowest for a most-active contract since Dec. 4.
Wheat futures for March delivery dropped 0.8 percent to $6.2875 a bushel. Earlier, the price touched $6.265, the lowest since June 15, 2012. The grain slumped 19 percent this year with global production forecast to rise to a record.
--With assistance from Whitney McFerron in London. Editors: Thomas Galatola, Joe Richter