Corn, Soybeans May Rise as Demand Rebounds After Prices Slumped

Corn and soybeans may rise this week as demand rebounds from domestic and overseas producers of animal feed, food and fuels after a drop in prices to the lowest level in six weeks

Seventeen of 31 traders and analysts surveyed from Chicago to Tokyo on Nov. 19 said corn will rise, and 18 respondents said soybeans will rebound. Last week, corn futures for March delivery on the Chicago Board of Trade dropped 2.4 percent to $5.3475 a bushel after plunging 8.9 percent a week earlier. Soybeans for January delivery fell 5.3 percent to $12.015.

Last week’s declines in corn and soybeans were expected by the majority of respondents surveyed on Nov. 12. Since 2004, the surveys have been correct 51 percent of the time for corn and 53 percent for soybeans.

Bullish on corn: 17 Bullish on soybeans: 18 Bearish on corn: 14 Bearish on soybeans: 13

(Source: http://www.bloomberg.com/news/2010-11-22/corn-soybeans-may-rise-as-demand-rebounds-after-prices-slumped.html)