(Bloomberg) -- Corn futures dropped for the third straight session as the harvest of a bumper US crop sparked concerns about storage availability for grains.
The most-active corn contract fell as much as 1.4% in Chicago on Monday to $4.10 a bushel, the lowest intraday price since Sept. 25. The US government on Friday raised its outlook for domestic corn yields from a month ago to a fresh record. That will help to swell stockpiles at the end of the season by about 14% from a year ago.
The availability of grain “storage is going to be a problem, and when it is a problem that pushes bushels onto the market, which weighs” on prices, StoneX Chief Commodities Economist Arlan Suderman said during an interview.
The stronger US dollar also prompted money managers to shrink from commodities, Karl Setzer, co-founder of farm advisory Consus Ag Consulting LLC, wrote in a report.
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