Wheat Called Higher on Adverse Weather; Corn, Soybeans May Gain in Chicago

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

-- Wheat futures may open 22 cents to 27 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on mounting concern that adverse weather reduced global production and crop quality, said Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis.

-- Soybean futures may open 15 cents to 20 cents a bushel higher on the CBOT on speculation that Chinese demand for imports of oilseeds and cooking oils will increase, Schultz said. Soybean- meal futures may open $1.50 to $2.50 higher per 2,000 pounds, and soybean oil is expected to open up 0.8 cent to 0.9 cent a pound.

-- Corn futures are called to open 7 cents to 9 cents a bushel higher in Chicago on bets that China’s demand for U.S. imports of the grain will climb, Schultz said.

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Whitney McFerron in Chicago at wmcferron1@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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