Soybeans, Grains May Rise by Year End, Scoville Says

July 21 (Bloomberg) -- Soybeans may rise as high as $11.50 a bushel by the end of this year, and corn and wheat prices may increase as the declining dollar boosts export demand, said Jack Scoville, a vice president at Price Futures Group in Chicago.

Soybeans may trade from $9 to $11.50, as much as 27 percent above today’s price, Scoville said at a conference in Chicago. Corn may range from $3 to $3.75 a bushel, with wheat at $5 to $7.50 a bushel, he said. The dollar has dropped 12 percent against a basket of six major currencies from this year’s high on March 4.

“A lower dollar has helped keep our prices competitive around the world,” Scoville said. “Strong demand, especially from China,” is boosting soybean prices, he said.

Corn and soybeans may rise after wet weather in parts of the Midwest delayed planting, he said.

Corn is “starting to enter pollination, and we should be much further along than we are,” Scoville said. “We’re going to need some warmer temperatures to get these crops home and to get every kernel we can out of production.”

Corn futures for December delivery fell 11.75 cents, or 3.5 percent, to $3.22 a bushel on the Chicago Board of Trade. Earlier, the price touched $3.2025, the lowest for a most-active contract since Dec. 8.

Soybean futures for November delivery tumbled 18 cents, or 2 percent, to $9.05 a bushel. The price has dropped 7.7 percent this year.

Wheat futures for September delivery fell 7.5 cents, or 1.4 percent, to $5.3475 a bushel.