Corn rallied from a seven-week low and soybeans rose as the dollar weakened amid optimism that an agreement to rescue Ireland’s banks will prevent contagion spreading across European debt markets. Corn for March delivery gained as much as 2.2 percent to $5.465 a bushel on the Chicago Board of Trade and traded at $5.4375 at 2:30 p.m. Tokyo time. The contract earlier dropped as much as 1.3 percent to $5.2775, the lowest level for a most- active contract since Oct. 8. “Grains and other commodities were reacting very sensitively to the dollar’s move,” said Han Sung Min, a broker at Korea Exchange Bank Futures Co. in Seoul. “The dollar’s decline stoked bargain-hunting after prices fell last week on concern over slowing Chinese demand.” Soybeans for January delivery advanced as much as 1.7 percent to $12.22 a bushel and last traded at $12.18. The contract dropped to $11.90 a bushel earlier, the lowest price since Oct. 20. The euro rose to $1.3765, from $1.3673 in New York on Nov. 19. The currency rose for a fourth day as European Union finance ministers said the deal will create a capital fund for Ireland’s banks and may end up “restructuring” the financial industry. The dollar also fell before the Federal Reserve releases tomorrow minutes of this month’s meeting, when policy makers decided to buy $600 billion in Treasury securities. The dollar’s drop makes U.S. supplies cheaper for importers holding other currencies. China Inflation Corn fell 2.4 percent last week, while soybeans slumped 5.3 percent, the most since Oct. 1, as moves by China to slow its economy threaten to curb demand for imports. China ordered its banks to set aside larger reserves for the fifth time this year, draining cash from the financial system to limit inflation. The Asian country is the biggest consumer of soybeans and the second-largest user of corn after the U.S. Wheat for March delivery rose as much as 1.2 percent to $6.92 a bushel in Chicago and last traded at $6.91. The commodity dropped 3.6 percent last week. Rough-rice for January delivery advanced as much as 1.4 percent to $14.09 per 100 pounds before trading at $14.065, gaining for a fourth day. The grain lost 1.2 percent last week. To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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