Corn rose, snapping the longest losing streak since March 2011, on signs that a slump in prices may have boosted demand for supplies from the U.S., the world’s largest grower. Soybeans also gained.
The amount of corn inspected for export at U.S. ports increased 49 percent in the week ended Oct. 25, compared with a week earlier, to 15.5 million bushels, the Department of Agriculture said yesterday. The grain slid 3.1 percent last week on the Chicago Board of Trade, and is down 13 percent since concerns about U.S. drought sent prices to a record $8.49 a bushel in August.
The U.S. had “quite an impressive inspections result” for corn, Ker Chung Yang, an analyst at Phillip Futures Pte., said by phone from Singapore today. “It’s one of the factors that will support prices.”
Corn for December delivery advanced 0.5 percent to $7.4075 a bushel by 7:54 a.m. in Chicago, after falling for six straight days. Soybeans for January gained 0.4 percent to $15.365 a bushel, after losing 2.7 percent in the past three days.
A rebound in corn production in South America, following dry weather in the past season, may send prices lower in the next 12 months, analysts led by Tobias Merath said today in an e-mailed Credit Suisse AG private banking report. Brazil’s growing areas will receive rain this week, benefiting planting, weather consultant Somar Meteorologia said in an e-mailed report yesterday.
Wheat for December delivery gained 0.7 percent to $8.64 a bushel in Chicago, the first advance in four days. In Paris, January-delivery milling wheat rose 0.3 percent to 265 euros ($343) a metric ton on NYSE Liffe.