June 27, 2011

 

Corn and soy prices may rebound, international survey reports

 

 

A survey of traders and analysts from Tokyo to Chicago on June 24 have forecast that corn and soy prices may rebound this week on renewed demand for US supplies to make food, animal feed, and fuel.

 

Twenty-six of 32 respondents surveyed predicted that corn will climb, and 24 of 34 respondents said soy will gain.

 

Last week, corn futures for December delivery fell 4.2% to US$6.32 a bushel on the Chicago Board of Trade after reaching a three-month low, and soy for November delivery dropped 1.8% to US$13.0925 a bushel, the third straight decline.

 

The drop in corn and soy last week was a surprise to the majority of analysts and traders surveyed on June 17.

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