By Jeff Wilson
Nov. 3 (Bloomberg) -- Corn and soybeans may rise for a second week on speculation that government interest-rate cuts and banking bailouts around the world will boost food and feed demand in 2009.
Twenty of 35 traders, advisers and grain merchants surveyed Oct. 31 from Tokyo to Chicago said corn would rise and 23 respondents forecast a soybean rally. Corn climbed 7.7 percent to $4.015 a bushel last week on the Chicago Board of Trade after falling to a one-year low. Soybeans advanced 7.6 percent to $9.33 a bushel. Corn is down 50 percent from an all-time high in June and soybeans have dropped 43 percent from a record in July.
Last week's gains were a surprise to the majority of respondents surveyed on Oct. 24. Since 2004, 56 percent of the surveys were correct for corn and 59 percent for soybeans.
Weekly results: Bullish on corn: 20 Bullish on soybeans: 23 Bearish on corn: 15 Bearish on soybeans: 12
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.
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