By Jeff Wilson
March 9 (Bloomberg) -- Corn and soybean prices may rise this week on speculation that demand for U.S. crops will increase as the Argentine government refuses to lift export taxes, reducing sales by farmers and supplies for overseas buyers.
Seventeen of 23 traders and advisers from California to Ohio surveyed on March 6 predicted corn will rise, while 18 of 24 forecast a gain in soybeans. Corn futures for May delivery rose 0.7 percent last week to $3.615 a bushel in Chicago, the second gain after seven straight declines. Soybeans fell 0.6 percent to $8.67 a bushel, after falling to an 11-week low on March 2.
Last week’s gains in corn were expected by the majority of analysts surveyed on Feb. 27, while the soybean drop was a surprise. Since 2004, 52 percent of the surveys were correct for corn and 53 percent for soybeans. Argentina is the second-biggest exporter of corn and the third biggest soybean exporter.
Bullish on corn: 17 Bullish on soybeans: 18 Bearish on corn: 6 Bearish on soybeans: 6
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.
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