First I'm not sure that is the AM antenna you are looking at,, Most AM/FM radios use a "wire loop" (300 ohm folded dipole to be precise) for FM reception but the AM antenna is internal and is a ferrite rod with wire wrapped around it.
Now, that said, you can improve the AM reception.. here is the information you need.
Am Broadcast is the 300 meter band, thus a proper AM antenna is 75 meters long.. Yup that is 246 feet and change.
Take a wire that long (or if you like you can go shorter but performance will suffer) and connect one end to a ground rod, Wrap it twice around the radio and then toss the other end over tree limbs till you run out of wire, hang a weight on an non-conductive rope (nylon/cotton not wire centered) and you got it. NOTE the direction you toss the wire will affect which stations you hear.
I have seen some wire loop antennas for AM though,, Hold on Here are some linke, (Well at least one)
http://www.mfjenterprises.com/Product.php?productid=MFJ-1020Chttp://www.ebay.com/bhp/loop-antenna
Now I'm not impressed with anything on these links, but the first one MIGHT work. The engineers at MFJ do know radio.