Corn May Advance on Adverse Chinese Weather; Soybeans, Wheat Seen Higher
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 higher on the Chicago Board of Trade on speculation that warm, dry weather in China may damage crops after rains delayed planting in May, said Jason Ward, a market analyst at Northstar Commodity Investment Co. in Minneapolis.
-- Soybean futures may open steady to 1 cent higher after U.S. farmers halted sales following a price slump to a seven-week low, Ward said. Soybean-meal futures may open 20 cents to 50 cents higher per 2,000 pounds, and soybean oil is expected to open steady to 0.1 cent a pound higher.
-- Wheat futures may open 1 cent to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after early harvest yields were below estimates by growers, Ward said.