BLBG: Corn Gains as Biggest Slump in Six Weeks Attracts Buyers; Wheat Advances
Corn rose in Chicago after the grain’s biggest slump in six weeks attracted importers and investors.
March-delivery corn added 1.4 percent to $5.5575 a bushel at 1:19 p.m. Paris time on the Chicago Board of Trade. Prices slid 5.2 percent on Nov. 12, rounding out a weekly slump of 8.9 percent.
“It’s a bit of a rebound,” Wayne Gordon, a senior analyst at Rabobank Groep NV, said by phone from Sydney. “On a fundamental basis, clearly balances are still tightening and are likely to be tighter for longer. That should be, all else being equal, supportive of prices.”
China may continue to import the grain as it builds up stockpiles, even as the U.S. government forecasts higher domestic production in the Asian nation, Gordon said.
Wheat for March delivery rose 0.7 percent to $7.1425 a bushel after sliding 4.6 percent on Nov. 12. Milling wheat for January delivery traded on NYSE Liffe in Paris advanced 1.2 percent to 215 euros ($292.94) a metric ton.
January-delivery soybeans gained 0.6 percent to $12.77 a bushel in Chicago after declining 5.2 percent on Nov. 12.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
