Wheat, Soy May Rise as Demand Gains; Corn Seen Lower

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

-- Wheat futures may open 8 cents to 10 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange after rain damaged crops in Australia, boosting demand for U.S. exports, said Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana.

-- Soybean futures may open steady to 1 cent a bushel higher on the CBOT as falling inventories of palm oil and adverse weather in South America reduce prospects for global supplies, Gerlach said. Soybean-meal futures may open $1 to $1.50 lower per 2,000 pounds, and soybean oil is expected to open up 0.3 cent to 0.4 cent a pound.

-- Corn futures are called to open 3 cents to 5 cents a bushel lower in Chicago on concern that demand for grain-based ethanol will decline, Gerlach 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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