Corn Traders Most Bullish Since March on U.S. Heat: Commodities
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Corn traders are the most bullish since March on mounting concern that hot and dry weather will curb U.S. yields at a time of accelerating demand from China, the second largest buyer of U.S. farm goods.
Nineteen of 27 analysts surveyed by Bloomberg expect prices to gain next week and three were neutral, the highest proportion since March 30. Iowa, Illinois and Indiana, which produce 40 percent of the U.S. crop, are poised for a seventh consecutive month of above-normal temperatures, the most since 1895, T-Storm Weather LLC said yesterday. U.S. export sales of corn surged 83 percent in the week ended May 10, from a week earlier, U.S. Department of Agriculture data show.