By William Bi
Feb. 3 (Bloomberg) -- Corn rose for the first time in four days on concerns rains forecast in Argentina, the world’s third- biggest producer of the grain, may not undo damages to the crops. Soybeans also gained.
Significant stress has impacted corn in central parts of the South American country during the main pollination period, with major crop losses likely, even as less heat and dryness are in forecast, Meterologix LLC said in a report dated yesterday.
“The insufficient rains that crops in Argentina received have caused material damages,” said Chen Baomin, analyst at Jilin Grain Group Co., in Changchun. “This may bring back the rally in agricultural commodities we saw last year.”
Corn futures for March delivery rose as much as 0.5 percent to $3.7225 a bushel on the Chicago Board of Trade, and was at $3.72 at 10:49 a.m. Beijing time.
Soybean futures for March delivery gained as much as 0.3 percent to $9.6225 a bushel and last traded at $9.615.
To contact the reporter on this story: William Bi in Beijing at wbi@bloomberg.net
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