Prospects for a strong crop this year pulled down corn futures on Wednesday as the agricultural commodity slumped for a third consecutive day, according to Bloomberg.
Supplies of corn are forecast to reach their highest level since 2004 when production rises to 966.6 million metric tons of corn for the 2013-14 harvesting season, according to the U.S. Department of Agriculture. The federal agency also boosted projections for shipments of corn from the U.S. this year.
"In corn, despite the good export figures for the U.S., the global balance sheet remains heavy," states a market commentary penned by farm adviser Agritel of Paris, according to the news source.
At 8:44 a.m. on Wednesday, corn futures dropped 0.4 percent, a 0.0175-cent drop to $4.3975 per bushel.
After having dropped roughly 40 percent in 2013, corn prices have climbed well more than 4 percent thus far this year. Last year was the grain's worst performance in at least 55 years.
Reuters reports China canceled the acquisition of four shipments of corn from the U.S. earlier this month amid conflicting opinions over a genetically modified strain that remains unapproved.
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