Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, USDA data show.
Corn futures rose for the first time this week on speculation that dry weather in Argentina and Brazil damaged crops. Soybeans fell as rain this week may boost yields in South America.
Global inventories of both crops will fall before the harvests in the Northern Hemisphere. Argentina is the world’s second-biggest corn exporter, and Brazil is forecast to be the top soybean shipper this year, according to USDA.
“People are making bets that smaller crops in South America will increase U.S. exports,” says Don Roose, U.S. Commodities Inc. president. “The markets will quickly turn their attention to the upcoming planting season, where we will need to grow bigger U.S. crops.”