BLBG: Soybeans Called Higher in Chicago on Chinese Demand; Wheat, Corn May Fall
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures were called to open steady to 3 cents higher on the Chicago Board of Trade after a government report showed increasing Chinese demand for U.S. supplies, said Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis. Soybean-meal futures may open steady to $1 lower per 2,000 pounds, and soybean oil is expected to open steady to down 0.1 cent a pound.
-- Corn futures may open steady to 2 cents a bushel lower in Chicago on speculation that rain may reduce stress on crops in Argentina and boost plant development in Brazil, Schultz said.
-- Wheat futures may open 1 cent to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as demand ebbs following a 45 percent rally this year, Schultz said.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
