Corn and soybeans may fall for the second straight week as rain and cooler temperatures bolster crops, while a sluggish U.S. economy and rising global interest rates erode demand for grains and oilseeds.
Fourteen of 27 traders and analysts surveyed from Tokyo to Chicago on July 29 forecast that corn will drop, and 15 of 28 respondents said soybeans will decline.
On the Chicago Board of Trade last week, corn futures for December delivery fell 2.4 percent to $6.6875 a bushel after gaining 15 percent in the previous three weeks. Soybean futures for November delivery dropped 2.2 percent to $13.5725 a bushel, snapping a four-week rally.
Last week’s declines in corn and soybeans were a surprise to the majority of analysts and traders surveyed on July 22.
Bearish on corn: 14 Bearish on soybeans: 15 Bullish on corn: 13 Bullish on soybeans: 13
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
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