House Passes Budget to Ease $63 Billion in U.S. Spending Cuts
Corn, Soybeans, Wheat Called to Open Higher on Outlook for Global Demand
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 2 cents to 4 cents a bushel higher on the Chicago Board of Trade on speculation that an economic recovery will stimulate demand for food, animal feed and fuel made from the biggest U.S. crop, said Christian Mayer, a market analyst for Northstar Commodity Investment Co. in Minneapolis.
-- Soybean futures may open 7 cents to 10 cents higher in Chicago as cold weather threatens planting in China, the biggest global consumer of the oilseed, increasing demand for imported supplies, Mayer said. Soybean-meal futures may open $3 to $4 higher per 2,000 pounds, and soybean oil is expected to open 0.25 cent to 0.4 cent a pound higher, he said.
-- Wheat futures may open 5 cents to 7 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as Canadian farmers said they will plant less and wet weather increases the risk of fungal disease for U.S. crops in the southern Great Plains, Mayer said.
To contact the reporter on this story: Jeff Wilson in Chicago at email@example.com.