Corn, soyabeans may rise as US agency forecasts tight supplies

CHICAGO, Feb 28 (Bloomberg): Jim Rogers, chairman of Rogers Holdings, talks about his investment strategy for global stocks and commodities. Gold advanced, approaching a record, as tensions in the Middle East boosted oil prices, increasing demand for precious metals as a protector of wealth and hedge against inflation. Rogers also discusses his strategy for the US dollar. He speaks in Hong Kong with Rishaad Salamat on Bloomberg Television's "On the Move Asia." Corn may extend a four-week rally and soybeans may gain after the government said US supplies will be tight for 18 months. Twenty-six of 34 traders and analysts surveyed from Tokyo to Chicago on Feb. 25 said corn will rise this week, and 23 of 35 respondents said soybeans will gain. Last week on the Chicago Board of Trade, corn futures for May delivery rose 0.2 per cent to $7.22 a bushel, and soybeans futures for May delivery dropped 0.4 per cent to $13.75. Last week's gain in corn was expected by the majority of respondents surveyed on Feb. 18, while the drop in soybeans was a surprise. Since 2004, the surveys have been correct 55 per cent of the time for corn, and 52 per cent for soybeans.