Corn May Rise as Floods Threaten U.S. Crop; Soybeans May Fall

By Jeff Wilson

Corn may rise on expectations that Midwest floods will cut yields of the biggest U.S. crop. Soybeans may fall as drier weather should accelerate seeding.

Seventeen of 33 traders, advisers and grain merchants surveyed on June 20 from Beijing to Chicago expected corn to rise; 19 of 35 respondents said to sell soybeans.

Corn fell 1.2 percent to $7.555 a bushel in Chicago last week, after reaching a record $7.915 on June 16. Soybeans dropped 3.3 percent to $15.09 a bushel, after rising 7 percent a week earlier. The price is up 80 percent in the past year, reaching a record $15.865 on March 3.


Last week's declines in corn and soybeans surprised most respondents surveyed June 13. Since 2004, the surveys have been right 61 percent of the time on corn, 64 percent on soybeans.

Weekly results: Bullish on corn: 17 Bullish on soybeans: 19 Bearish on corn: 16 Bearish on soybeans: 16

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.