Corn May Fall on Slowing Demand, Soybeans May Gain, Survey Says

By Jeff Wilson

Nov. 24 (Bloomberg) -- Corn prices may fall to a 15-month low as a global economic slump reduces demand for animal feed and fuel. Soybeans may rise for the first time in four weeks as dry weather hurts South American crops.

Twenty-one of 36 traders and advisers surveyed Nov. 21 from Tokyo to Chicago predicted corn will fall, and 21 of 37 respondents said soybeans will climb. Corn fell 11 percent to $3.385 a bushel last week in Chicago. Soybeans dropped 6.2 percent to $8.40 a bushel. Corn and soybeans are down 58 percent and 49 percent, respectively, from records this year.

Last week's declines in corn and soybeans were a surprise to the majority of respondents surveyed on Nov. 14. Since 2004, 55 percent of the surveys were correct for corn and 57 percent for soybeans.

Weekly results: Bullish on corn: 15 Bullish on soybeans: 21 Bearish on corn: 21 Bearish on soybeans: 16

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