June 30 (Bloomberg) -- Corn futures fell before a government report expected to show inventories rose to the highest since 2010 in the U.S., the world’s top exporter. Wheat headed for the biggest quarterly decline in three years.
U.S. corn stockpiles on June 1 probably jumped 35 percent to 3.72 billion bushels, the highest in four years, based on the average of 27 estimates in a Bloomberg survey. The Department of Agriculture in Washington will update its estimate at noon.
“Grain stocks could be a little negative” for prices, Alan Kluis, the president of Kluis Commodities in Wayzata, Minnesota, said in a telephone interview. “As you look ahead, there’s no real heat in the forecast.”
Corn futures for December delivery fell 1.1 percent to $4.4224 a bushel at 10:40 a.m. on the Chicago Board of Trade. Through June 27, the price slumped 11 percent this quarter on forecasts that U.S. output will climb to a record.
U.S. farmers planted 91.71 million acres (37.1 million hectares), according to a separate Bloomberg survey. That’s up from 91.69 million forecast in March by the USDA.
In the week ended June 24, hedge funds trimmed their net- long position in corn futures and options for the seventh consecutive week to the lowest since February, Commodity Futures Trading Commission showed on June 27.
Highs in the upper 80s to mid-90 degrees Fahrenheit in the next two weeks will keep threats to yields “very limited” for in the main growing areas for corn and soybeans, Bethesda, Maryland-based Commodity Weather Group said in a report.
Wheat futures for September delivery fell 1.2 percent to $5.865 a bushel. This quarter, the price has dropped 16 percent.
Soybean futures for November delivery rose 0.2 percent to $12.3075 a bushel. In the second quarter, the oilseed has dropped 16 percent, the most since 2008.
--With assistance from Rudy Ruitenberg in Paris.