Corn, soybeans may fall as dry weather boosts crop prospects
Tuesday, 29 June 2010
CHICAGO, June 28 (Bloomberg): Corn and soybeans may fall this week on speculation that drier, cooler weather will boost US crop yields.
Twelve of 21 traders and analysts surveyed from Chicago to Tokyo on June 25 said corn will fall, and 11 said soybeans will decline. Last week, corn futures for December delivery fell 5.3 per cent to $3.605 a bushel on the Chicago Board of Trade, and soybeans for November delivery dropped 2 per cent to $9.12 a bushel.
Last week's declines in corn and soybean futures were unexpected by analysts surveyed on June 18. Since 2004, the surveys have forecast weekly moves accurately 50 per cent of the time for corn and 53 per cent for soybeans.
Twelve of 21 traders and analysts surveyed from Chicago to Tokyo on June 25 said corn will fall, and 11 said soybeans will decline. Last week, corn futures for December delivery fell 5.3 per cent to $3.605 a bushel on the Chicago Board of Trade, and soybeans for November delivery dropped 2 per cent to $9.12 a bushel.
Last week's declines in corn and soybean futures were unexpected by analysts surveyed on June 18. Since 2004, the surveys have forecast weekly moves accurately 50 per cent of the time for corn and 53 per cent for soybeans.