Corn Drops on Lack of Threat to Supplies
Author: Andrew Johnson Jr.</br></br>CHICAGO--Corn prices slid on forecasts for weather in the Midwest that is conducive to a boost in supplies.</br></br>Corn futures fell together with soybean and wheat futures, which have rallied in recent weeks on inclement weather in top exporting nations.</br></br>"Midwest temperatures do not look to be hot enough to threaten ... heading into August," according to a forecast from DTN Meteorlogix. And scattered showers will also offer the prospect of more soil moisture.</br></br>The world's largest corn grower and exporter, the U.S. is expected to harvest a record crop, thanks to more acres planted and an above-average yield. The Midwest accounts for a bulk of the U.S.'s corn, which is used in an array of processed foods and in animal feed.