BLBG: Soybeans, Grains May Open Higher as USDA May Trim Supply Outlook
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 4 cents to 6 cents a bushel higher on the Chicago Board of Trade on speculation that a government report tomorrow will show smaller U.S. and global inventories, said Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana. Soybean-meal futures may open steady to $1 higher per 2,000 pounds, and soybean oil is expected to open up 0.1 cent to 0.2 cent a pound.
-- Corn futures are called to open 3 cent to 5 cents a bushel higher in Chicago on speculation that the U.S. Department of Agriculture will reduce its forecasts of domestic and world inventories in a report tomorrow, Gerlach said.
-- Wheat futures may open 6 cents to 9 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry and cold weather in the southern U.S. Great Plains will reduce yields, eroding the benefit of increased planting of winter grain, Gerlach 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.
