Corn may rise for a fifth straight week on speculation that demand for U.S. grain will increase as adverse weather damages crops in other countries. Soybeans may decline on slowing demand from China, the biggest consumer.
Fifteen of 29 traders and analysts surveyed from Chicago to Tokyo on Dec. 17 said corn will rise, and 17 of 30 respondents said soybeans will fall. Last week, corn futures for March delivery climbed 3.9 percent to $5.965 a bushel on the Chicago Board of Trade, the biggest such gain in seven weeks. Soybean futures for March delivery rose 2.2 percent to $13.105 a bushel.
Last week s gains were expected by the majority of respondents surveyed on Dec. 10. Since 2004, the surveys have been correct 52 percent of the time for corn and 54 percent for soybeans.
Bullish on corn: 15 Bullish on soybeans: 13 Bearish on corn: 14 Bearish on soybeans: 17
