By Luzi Ann Javier Sept. 21 (Bloomberg) -- Corn declined for a second day as harvesting advanced in the U.S., the world’s largest exporter, and rains in wheat-exporting nations in the Black Sea region eased concerns that global feed-grain supplies may be tightening. Soybeans traded near the highest price since June 2009. December-delivery corn lost as much as 0.8 percent to $5.04 a bushel on the Chicago Board of Trade and traded at $5.06 at 10:39 a.m. Singapore time. The price rose to $5.2375 a bushel yesterday, before closing at $5.0825, down by 1 percent. An estimated 18 percent of the U.S. corn crop was harvested as of Sept. 19, up from 11 percent a week earlier and the previous five-year average of 10 percent, the nation’s Department of Agriculture said in a report yesterday. “Supplies came into the market after the price had gone to $5,” Tetsu Emori, a commodity fund manager at Astmax Co. Ltd., said by phone from Tokyo today. “Farmers in the U.S. were looking for the chance to sell before the harvest.” Corn for export inspected at U.S. ports fell 34 percent to 28.5 million bushels in the week to Sept. 16, from the week before, the USDA said in a separate report yesterday. Corn futures gained to more $5 a bushel on Sept. 17. The corn harvest in India, Asia’s second-biggest grower, may exceed 20 million metric tons in the year to June 2011, beating the 19.73 million ton record in 2009, increasing exports, after above-normal rains aided crops, Atul Chaturvedi, president of Adani Enterprises Ltd., said yesterday. The company is the country’s biggest non-state trader of farm goods. The USDA estimates India’s corn exports may double to 2 million tons this season, from the previous season, with output forecast at 20 million tons, according to a Sept. 10 report. Wheat Declines December-delivery wheat fell as much as 0.7 percent to $7.2675 a bushel, before trading at $7.3025. Rains were forecast in Ukraine and central-to-northern Russia, helping replenish soil moisture needed for the early development of winter wheat, Telvent DTN Inc. said yesterday. The worst drought in at least half a century in Russia, the world’s third-largest grower last year, slashed the last harvest and prompted the government to ban grain exports, pushing wheat futures to a 23-month high of $8.68 a bushel on Aug. 6. November-delivery soybeans were unchanged at $10.845 a bushel after jumping as much as 2.9 percent to $10.995 yesterday, the highest level since June, 2009. Freezing weather this week in northeastern China will reduce soybean crop quality and output, according to T-Storm Weather Inc. in Chicago. Gregg Hunt, a broker at MF Global Holdings Ltd., said yesterday prices gained on “fear of Chinese crop losses” and speculation that China’s imports may gain. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net.

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