BLBG:Corn, Soybeans Seen Advancing as Adverse Weather Threatens U.S. Yields
Corn and soybeans may rise this week on speculation that a government report on Sept. 12 will forecast smaller U.S. crops after a heat wave in July and dry weather in August eroded yield prospects.
Twenty-two of 29 traders and analysts surveyed from Tokyo to Chicago on Sept. 2 forecast that corn will rise for a fifth time in six weeks, and 23 respondents said soybeans will gain for a fourth straight week.
On the Chicago Board of Trade last week, corn futures for December delivery fell 0.9 percent to $7.60 a bushel. Soybean futures for November delivery rose 1.6 percent to $14.4575 a bushel, after prices reached the highest since July 2008.
Last week’s gain in soybeans was expected by the majority of analysts and traders surveyed on Aug. 26, while the drop in corn was a surprise.
Bullish on corn: 22 Bullish on soybeans: 23 Bearish on corn: 7 Bearish on soybeans: 6
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
