Wheat and corn futures fell to the lowest in almost two months in Chicago on a favorable outlook for this year’s harvest and on concern about the prospects for an economic recovery. Wheat for July delivery slid 0.9 percent to $5.3475 a bushel in electronic trading on the Chicago Board of Trade at 12:59 p.m. Paris time. Corn for December delivery lost 0.7 percent to $4.045 a bushel. About 70 percent of the U.S. corn crop was in good or excellent condition as of June 21, the U.S. Department of Agriculture said yesterday, compared with 59 percent a year earlier. Wheat yields in Kansas are better than expected, industry group Kansas Wheat said in a June 24 report. “The markets remain fragile and under pressure from the harvest, which looks to be all right,” French agriculture consultancy Agritel said in a market report today. “The U.S. harvests look equally favorable.” The Bloomberg European 500 Index of shares fell 1.1 percent at 1:25 p.m. in Paris. “Financial markets are showing some concern about the economic recovery,” Agritel said. Milling wheat for November delivery dropped 1.50 euros, or 1.1 percent, to 140.50 euros ($196) a metric ton on Euronext at 1:29 p.m. in Paris. “The market will now wait for the planting results from the USDA, which will be announced June 30,” Agritel said. Soybeans for November delivery were unchanged at $10.08 a bushel in Chicago.

Source