Wheat Called Higher on Australian Supply Woes; Corn, Soybeans May Advance

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

-- Wheat futures may open 7 cents to 10 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that demand for U.S. supplies will increase as rains damage crops in Australia, said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa.

-- Soybean futures may open 7 cents to 8 cents a bushel lower on the CBOT amid speculation that the debt crisis in Europe will spread, damping the global economy and demand for U.S. crops, Roose said. Soybean-meal futures may open $2 to $3 lower per 2,000 pounds, and soybean oil is expected to open down 0.15 cent to 0.25 cent a pound.

-- Corn futures are called to open 3 cents to 4 cents a bushel lower in Chicago on speculation that demand will ease after yesterday’s 4.1 percent rally, Roose 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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