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Corn, Soybeans May Rise as Wet Weather Extends Planting Delays

May 23 (Bloomberg) -- Corn and soybeans may rise this week as wet weather extends U.S. planting delays in the eastern Midwest and northern states.

Twenty of 27 traders and analysts surveyed from Tokyo to Chicago on May 20 said corn will rise, and 20 of 28 respondents forecast a gain for soybeans. Last week on the Chicago Board of Trade, corn futures for July delivery jumped 11 percent, the biggest gain since October, to $7.595 a bushel. Soybean futures for July delivery rose 3.8 percent, the most since January, to $13.8025 a bushel on the CBOT.

Last week’s gains in corn and soybeans were expected by the majority of analysts surveyed on May 13.

Bullish on corn: 20 Bullish on soybeans: 20 Bearish on corn: 7 Bearish on soybeans: 8

To contact the reporter on this story: Whitney McFerron in Chicago at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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