(Bloomberg) -- Corn futures tumbled Friday as traders exited positions amid a wetter outlook for the US crop that has been suffering under drought conditions.
Corn for December delivery sank 5.9%, the biggest one-day loss in the contract’s history. Soybeans and wheat also fell.
Weather models showed better chances for precipitation during the next 14 days — a critical time of development when plants will start their yield-determining pollination phase. Meanwhile, a lack of export demand for US grain further pressured corn futures, which earlier this week jumped to the highest levels since October.
“Corn crashed and burned today,” said Charlie Sernatinger, head of grains at Marex Capital Markets.
--With assistance from Tatiana Freitas, Áine Quinn and James Poole.
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