Corn Called Lower on Favorable Weather; Soybean, Wheat Futures May Decline

What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 1 cent to 2 cents a bushel lower on the Chicago Board of Trade as rains in the U.S. Midwest boost soil moisture for early crop development after planting accelerated in the past two weeks, said Roy Huckabay, an executive vice president at the Linn Group in Chicago.

-- Soybean futures may open 1 cent to 3 cents lower after farmers in Brazil and Argentina increased sales of newly harvested crops following a jump in prices this week, Huckabay said. Soybean-meal futures may open 50 cents to $1.50 lower per 2,000 pounds and soybean oil may open 0.1 cent to 0.2 cent a pound higher.

-- 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 the dollar’s rally reduces the appeal of U.S. exports, Huckabay said.

-- May options on the CBOT expire today with futures approaching the $10 strike price in soybeans, $3.60 corn options and $5 puts and calls on wheat, Huckabay said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.

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