BLBG: Corn, Soybean Prices May Climb as Demand Gains for U.S. Supplies
Corn and soybeans may rise on improved demand for supplies from the U.S., the world’s biggest producer of both crops.
Twelve of 22 traders and analysts surveyed from Tokyo to Chicago on Jan. 28 said corn will advance this week, and 13 respondents said soybeans will gain. Last week, corn futures for March delivery fell 2 percent to $6.44 a bushel on the Chicago Board of Trade. Soybeans for March delivery fell 1 percent to $13.98 a bushel.
Last week’s declines in corn and soybeans were unexpected by the majority of respondents surveyed on Jan. 21. Since 2004, the surveys have been correct 54 percent of the time for corn, and 54 percent for soybeans.
Bullish on corn: 12 Bullish on soybeans: 13 Bearish on corn: 10 Bearish on soybeans: 9
To contact the reporters on this story: Whitney McFerron in Chicago at wmcferron1@bloomberg.net; Tony C. Dreibus in London at tdreibus@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
