Corn and soybeans may rise this week as adverse weather in the U.S., China, Europe and Canada threatens world production amid increasing demand for food, livestock feed and fuel made from the crops.
Twenty-three of 33 traders and analysts surveyed from Tokyo to Chicago on April 29 said corn will rise, and 20 of 34 respondents forecast a gain for soybeans. Last week on the Chicago Board of Trade, corn futures for July delivery rose 1.6 percent to $7.565 a bushel, and soybean futures for July delivery advanced 0.3 percent to $13.94 a bushel.
Last week’s gains in corn and soybeans were expected by the majority of respondents surveyed on April 21. Since 2004, the surveys have been correct 55 percent of the time for corn, and 54 percent for soybeans.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
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