Wheat, Corn, Soybean May Surge in Chicago After Russia Halts Grain Exports

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

-- Wheat futures may open up 60 cents a bushel, the maximum allowed, on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange, after Russia grain exports until Dec. 31 to evaluate drought damage to crops, said Richard Feltes, the director of commodity research at MF Global Holdings Ltd. in Chicago.

-- Corn futures are called to open 20 cents to 25 cents a bushel higher on the CBOT on speculation that declining global wheat production will boost demand for grain supplies from the U.S., Feltes said.

-- Soybean futures may open 15 cents to 25 cents a bushel higher as China’s consumption climbs and hot, dry weather reduces production in Russia and other parts of Europe, Feltes said. Soybean-meal futures may open $5 to $7 higher per 2,000 pounds, and soybean oil is expected to open up 0.5 cent to 0.6 cent a pound, he said.

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

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