By Luzi Ann Javier
July 7 (Bloomberg) -- Corn futures in Chicago rebounded from the lowest in more than four months and wheat and soybeans rose as investors judged declines as excessive.
Corn yesterday plunged as much as 3.9 percent to $3.435 a bushel, the lowest since Feb. 20, increasing the loss in the past month to 22 percent. Soybean futures slumped 21 percent since June 5 through yesterday, while wheat futures lost 17 percent.
“We’ll probably see a little bit of a correction today,” Peter McGuire, managing director at Commodity Warrants Australia Pty in Sydney, said by phone today. “It all just collapsed in the past month.”
Corn for December delivery rose as much as 1.1 percent to $3.48 a bushel in after-hours electronic trading on the Chicago Board of Trade and advanced 0.3 percent to $3.4525 a bushel at 11:09 a.m. Singapore time.
Wheat for September delivery added as much as 1 percent to $5.2425 a bushel, and last traded at $5.2275 a bushel. The most- active contract lost as much as 2.2 percent yesterday.
Soybeans for November delivery, after the U.S. harvest, gained as much as 1.2 percent to $9.7475 a bushel, before trading at $9.695.
The volume of corn inspected for export from ports in the U.S., the world’s biggest grower and supplier, rose 5.9 percent to 31.1 million bushels in the week ended July 2, according to a Department of Agriculture report yesterday. Wheat inspected for export rose 7.3 percent to 12.1 million bushels from a week earlier, it said.
Commodity Warrants’s McGuire said a recovery in the U.S. dollar may damp demand for U.S. exports, as supplies become more expensive in other currencies.
The Dollar Index, which tracks the value of the greenback against six major currencies, was little changed at 80.433 at 11:03 a.m. Singapore time. Before today, the gauge gained 2.6 percent since June 2, when it dropped to 78.404, the lowest since Sept. 29.
To contact the reporter on this story: Luzi Ann Javier in Singapore at javier@bloomberg.net
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