Corn, Wheat, Soybeans Called to Open Higher as Demand Rises for U.S. Crops

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

-- Corn futures are called to open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade as hot, dry weather may reduce grain crops in Russia, Ukraine and parts of Europe, boosting demand for supplies from the U.S., the biggest exporter, said Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana.

-- Soybean futures may open 4 cents to 7 cents a bushel higher in Chicago after a government report showed increased demand for U.S. inventories, Gerlach said. Soybean-meal futures may open $2 to $3 higher per 2,000 pounds, and soybean oil is expected to open up 0.05 cent to 0.2 cent a pound, he said.

-- Wheat futures may open 9 cents to 11 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the U.S. Department of Agriculture said export sales in the week ended July 22 were more than double the previous week, as drought reduced supplies in Russia, Ukraine and parts of Europe, Gerlach said.

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

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