Corn, Soybeans rebound as dollar slips
Friday, 31 July 2009
NEW YORK, July 30 (Bloomberg): Corn and soybeans gained as the dollar rally stalled, increasing demand prospects for US crops. Wheat climbed from the lowest price since March.
The Dollar Index, which tracks the greenback against the currencies of six major US trading partners, slipped for the first time in three days, making US supplies more attractive to buyers holding other currencies. The index yesterday touched the highest level since July 17, prompting the biggest drop in commodity prices in eight weeks.
"The dollar's retreat has helped corn and soybeans rebound moderately," said Toshimitsu Kawanabe, an analyst at Tokyo- based commodity broker Central Shoji Co. Investors appeared to be reluctant to take significant positions before the US Department of Agriculture releases its supply and demand outlook on Aug. 12, he said.
The Dollar Index, which tracks the greenback against the currencies of six major US trading partners, slipped for the first time in three days, making US supplies more attractive to buyers holding other currencies. The index yesterday touched the highest level since July 17, prompting the biggest drop in commodity prices in eight weeks.
"The dollar's retreat has helped corn and soybeans rebound moderately," said Toshimitsu Kawanabe, an analyst at Tokyo- based commodity broker Central Shoji Co. Investors appeared to be reluctant to take significant positions before the US Department of Agriculture releases its supply and demand outlook on Aug. 12, he said.