CBOT corn futures may climb on Chinese demand

Corn futures may rise this week amid a surge in Chinese imports and demand from US livestock producers, while soy futures may gain as farmers withhold inventories.

22 of 31 traders and analysts surveyed from Chicago to Tokyo on Wednesday (May 28) said corn will climb, and 20 of 33 respondents said soy will rally. Last week, corn futures for July delivery fell 2.7% to US$3.59 a bushel on the Chicago Board of Trade. Soy for July delivery fell 0.3% to US$9.3775 a bushel.

Last week's soy decline was expected by the majority of respondents surveyed May 21. The fall in corn was a surprise. Since 2004, the surveys have forecast weekly moves accurately 50% of the time for corn and 54% for soy.

Bullish on corn: 22 Bullish on soy: 20 Bearish on corn: 9 Bearish on soy: 13