June 6 (Bloomberg) -- Soybeans fell the most in more than four weeks and corn dropped for a second session on speculation that drier, warmer weather last week allowed U.S. farmers to accelerate planting delayed by an unusually wet spring.
Some muddy fields dried out enough to support planting machinery, said Drew Lerner, the president of World Weather Inc. Over the next two weeks, crops will get frequent rains that will aid germination and improve conditions of newly planted crops, Lerner said. The U.S. is the biggest grower and exporter of corn and soybeans.
“Weather forecasts look more promising for improved planting and crop development,” said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago. “The markets are also trading increased rains in Europe, China and India,” where crops were hurt by drought, he said.
Soybean futures for July delivery fell 31.25 cents, or 2.2 percent, to $13.8325 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest drop since May 5. Last week, prices rose 2.5 percent, touching a two-month high on June 3.
Corn futures for July delivery dropped 22 cents, or 2.9 percent, to $7.32 a bushel in Chicago, capping a two-session decline of 4.5 percent, the most since May 6.
About 86 percent of the U.S. corn crop was planted as of May 29, the Department of Agriculture said last week in a report. That compares with 97 percent a year earlier and an average of 95 percent the previous five years.
Soybean planting was 51 percent complete, compared with the year-earlier total of 71 percent, the same as the five-year average, the department said.
Grow said corn planting as of yesterday probably advanced to 96 percent completed, while soybean sowing was about 77 percent done.
Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, government figures show.
--Editors: Millie Munshi, Patrick McKiernan
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