Soybeans, Corn Fall on Accelerating U.S. Harvest; Wheat Down

Sept. 25 (Bloomberg) -- Soybean and corn futures extended losses after a government report showed faster harvesting of the two biggest U.S. crops. Wheat futures declined for the first day in four.

About 22 percent of the corn crop was harvested as of yesterday, compared with 14 percent a week earlier and 12 percent a year earlier, the U.S. Department of Agriculture said yesterday in a weekly report. Soybean harvesting was 12 percent completed, compared with 4 percent a week earlier and 9 percent at the same time a year ago, the USDA said.

``The weekly report put pressure on soybeans and corn,'' said Daisuke Yamaguchi, an analyst at futures broker Yutaka Shoji Co. in Tokyo.

Soybeans for November delivery fell as much as 4.75 cents, or 0.5 percent, to $9.74 a bushel, declining for a third day after reaching a three-year high of $9.9675 on Sept. 20. The contract stood at $9.75 a bushel in after-hours electronic trading on the Chicago Board of Trade at 9:47 a.m. Singapore time.

Corn for December delivery declined as much as 2.75 cents, or 0.7 percent, to $3.7075 a bushel and traded at $3.71 at 9:51 a.m. Singapore time. The contract lost 0.8 percent yesterday after reaching $3.805, the highest since June 26.

Wheat futures in Chicago fell for the first day in four.

Wheat for December delivery lost as much as 5 cents, or 0.6 percent, to $8.7275 a bushel, and was at $8.73 as of 9:51 a.m. Singapore time.

Australian Crop

Wheat prices rose to a record $9.1125 a bushel Sept. 12 as crop concerns in Australia, vying with Canada to be the world's second-largest shipper of the grain, added pressure to global inventories heading for a 26-year low. Harvest expectations in Australia are being scaled back after drought cut yields.

There's been a ``massive'' deterioration in crops in New South Wales state, Australia's second-largest producer, in the past week, said Frank McRae, technical specialist, grains, with the state Department of Primary Industries.

The harvest may be as little as 2.26 million metric tons after hot, dry weather, he said today in a phone interview. McRae's department had earlier estimated the New South Wales crop at 4 to 5 million tons.

The federal government commodity forecaster last week estimated the state's output at 4 million tons, out of a total projected harvest of 15.5 million tons.