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The Bears May Come for Corn Monday, Says Trader Survey
Posted: 09/18/11
By: tomgrisafi
Corn and soybeans may fall this week according to a new survey among traders by Bloomberg.
The fall could come on speculation that U.S. crop yields will increase, while commodity demand slows on global economic anxiety.
Sixteen of 31 traders and analysts surveyed from Tokyo to Chicago on Sept. 16 forecast that corn will fall for a fourth straight week, and 17 respondents said soybeans will drop after last week’s biggest decline in six months, Bloomberg reports.
Last week, corn futures for December delivery fell 6 percent to $6.92 a bushel, and soybean futures for November delivery dropped 5 percent to $13.55 a bushel.
Here are the survey results:
Bearish on corn: 16
Bearish on soybeans: 17
Bullish on corn: 15
Bullish on soybeans: 14
Source: Bloomberg
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