Corn and soybeans jumped for the first day in three on speculation that the dollar’s drop may bolster demand for U.S. crops. Wheat gained for a second day and rice touched the highest level since January. Corn for December delivery rose as much as 2.3 percent to $5.73 a bushel on the Chicago Board of Trade and was at $5.72 at 2:07 p.m. Singapore time. Soybeans for January delivery climbed 1.7 percent to $12.31 a bushel. The oilseed reached $12.35 on Oct. 21, the highest level for a most-active contract since June 5, 2009. “The dollar’s weakness has boosted overall commodities, including Chicago grains and oilseeds,” Toshimitsu Kawanabe, an analyst at Tokyo-based commodity broker Central Shoji Co., said today. Corn and soybeans were also supported by China’s demand prospects, he said. The dollar fell for a second day against the euro after a Group of 20 pledge to avoid “competitive devaluation” damped speculation governments around the world will buy the greenback to weaken their currencies. A weaker dollar boosts demand for U.S. supplies from importers holding other currencies. Corn and soybeans may rise this week on speculation that the U.S. Department of Agriculture will cut forecasts for this year’s crops. Seventeen of 33 traders and analysts surveyed from Chicago to Tokyo on Oct. 22 said corn will climb, and 18 of 34 respondents said soybeans will advance. Soybean imports by China may reach 60 million metric tons in the 2010-2011 marketing year tons, on strong crushing margins, the China National Grain & Oils Information Center said, citing global grain trading companies it didn’t identify. That’s more than the 55 million tons estimated by the U.S. Department of Agriculture on Oct. 8. Accelerated Buying China’s soybean crushers have accelerated buying of South American new-crop soybeans, the center said in a report on its website today. Crushers have ordered 5 million metric tons of the beans from South America to date, 25 percent more than a year ago, it said. Wheat for December delivery climbed 1.5 percent to $6.81 a bushel in Chicago. Futures dropped 4.8 percent last week, the second straight weekly decline. The grain has surged 42 percent since the end of June after drought destroyed Russian crops. On Oct. 22, wheat rallied from a two-week low after Russia extended its ban on grain exports to preserve domestic supply. Russia, the world’s third-largest wheat producer last year, extended its ban until July 1, Prime Minister Vladimir Putin said Oct. 22. The country said in August it would halt exports until the end of this year. Rice Rises Global wheat stockpiles will total 174.66 million tons at the end of the 2010-2011 marketing year, down 11 percent from last year, the USDA said Oct. 8. Rough-rice for January delivery advanced for a 10th straight day, gaining as much as 2 percent to $14.805 per 100 pounds, the highest level since Jan. 12. Japan is seeking up to 80,000 tons of foreign rice in an “ordinary” tender on Oct. 29, the Ministry of Agriculture, Forestry and Fisheries said today. The nation will seek 6,000 tons from Thailand, the largest exporter, and the remainder from any country, Katsuhiko Kakimi, assistant director at the ministry’s grain trade division, said today by phone. The country, which is self-sufficient in rice, agreed in 1993 to give minimum market access to exporting countries, buying 770,000 tons of the grain a year. 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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