Corn rebounded from the lowest in almost four years on speculation a slump into a bear market may spur buying. Wheat rallied after the biggest drop in 15 months.
Corn for December delivery rose as much as 0.4 percent to $4.08 a bushel on the Chicago Board of Trade and was at $4.0725 by 9:53 a.m. in Singapore. Prices dropped for a fifth day yesterday, sliding as low as $4.03, the lowest for a most-active contract since August 2010.
Prices entered a bear market this month as stockpiles in the U.S., the biggest exporter, beat estimates and farmers were set to harvest a second straight record crop. About 75 percent of U.S. corn was rated in good or excellent condition, the U.S. Department of Agriculture said yesterday. Output is set to total 13.935 billion bushels, it said June 11. Corn’s relative strength index fell to 23.7 yesterday, below the level of 30 that signals to some analysts that prices are poised to gain.