July corn futures on the Chicago Board of Trade dropped by the limit of $0.30 (4%) to close at $7.2925 on April 28, the biggest decline since March 15, according to analysts.
An easing of demand for U.S. supplies has contributed to the numbers. U.S. exporters sold 348,969 metric tons of corn in the week ending April 21, down 43% from a week earlier and the smallest amount in six months, according to the U.S. Department of Agriculture.
The price also fell on forecasts for drier weather in the Midwest that may allow for increased planting, said Dale Durchholz, senior market analyst at AgriVisor LLC. Only 9% of the U.S. corn crop was planted as of April 24, compared with 46% by this time in 2010, due to unfavorable weather. “Worries about U.S. planting delays may have peaked,” said Durchholz. “There is plenty of time to plant corn next month, and people are going to be surprised by how many acres farmers can plant in a short period.”
Soybean futures also fell from a two-week high as overseas and domestic demand eased, by $0.31 (2.2%), to close at $13.535 a bushel in Chicago. Earlier, the price reached $14.005, the highest since April 11.