Conjecture about rain arriving too late prompted optimism among traders of corn and soybeans, influencing them to hold brighter outlooks for the grains, according to a Bloomberg survey.
A survey indicated 17 analysts believe corn futures will gain next week while six said the grain will drop in value and four did not express opinions either way as the worst drought in more than 50 years continues. Twenty analysts forecast increases for soybean futures while four apiece predict losses and minimal change.
"This summer's commodity rally is most likely over unless substantial policy stimulus is launched in the U.S., Europe or China," analyst Filip Petersson with SEB AB in Stockholm told the news source. "Now is the time to be long gold."
At 11:56 a.m. on Friday, soybean futures fell 0.72 percent, a 0.1275 loss to $17.5075 per bushel. At 11:55 a.m., corn futures slipped 1.52 percent, a 0.1225 fall to $7.9625 per bushel.
Agence France-Presse reports the World Bank said July saw food prices advance 10 percent, which poses a peril to the poor and malnourished of Africa and the Middle East.