BLBG: Soybeans Called to Open Higher on Dry Brazil Weather; Corn, Wheat May Drop
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 2 cents to 3 cents a bushel higher on the Chicago Board of Trade on speculation that dry weather in parts of South America will reduce yields, said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa. Soybean-meal futures may open $1 to $2 lower per 2,000 pounds, and soybean oil is expected to open up 0.2 cent to 0.3 cent a pound.
-- Corn futures are called to open steady to 2 cents a bushel lower in Chicago on speculation that last year’s 52 percent surge in prices will limit demand from grain processors and investors, Roose 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 after last year’s 47 percent jump in prices slowed demand, Roose said.
To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Whitney McFerron in Chicago at wmcferron1@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
