Corn and soybeans may rise for a third straight week on expectations the U.S. government will reduce its forecast for world reserves in a Dec. 10 report because of dry-weather damage to crops in South America.
Twenty-four of 30 traders and analysts surveyed from Chicago to Tokyo on Dec. 3 said corn will rise, and 25 of 31 respondents said soybeans will gain. Last week, corn futures for March delivery on the Chicago Board of Trade climbed 3.7 percent to $5.735 a bushel, and soybean futures for January delivery advanced 5 percent to $13.0025 a bushel.
Last week’s gains in corn and soybeans were expected by the majority of respondents surveyed on Nov. 26. Since 2004, the surveys have been correct 52 percent of the time for corn and 54 percent for soybeans.
Bullish on corn: 24 Bullish on soybeans: 25 Bearish on corn: 6 Bearish on soybeans: 6