Corn, Soybeans May Rise as Farmers Limit Sales on Low Prices

By Jeff Wilson

Nov. 17 (Bloomberg) -- Corn and soybeans may rise this week on speculation that U.S. farmers will limit sales of newly harvested crops because of low prices. Cold, wet weather in the Midwest may also damage crops, reducing supplies.

Eighteen of 28 traders and advisers surveyed Nov. 14 from Tokyo to Chicago said corn will rise, and 19 of 29 respondents forecast a gain in soybeans. Corn rose 1.3 percent to $3.8025 a bushel last week in Chicago. Soybeans dropped 2.7 percent to $8.96 a bushel. Corn and soybeans are down 52 percent and 45 percent, respectively, from records earlier this year.

Last week's gains in corn were expected by the majority of respondents surveyed on Nov. 7, while the drop in soybeans was a surprise. Since 2004, 55 percent of the surveys were correct for corn and 58 percent for soybeans.

Weekly results: Bullish on corn: 18 Bullish on soybeans: 19 Bearish on corn: 10 Bearish on soybeans: 10

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