Corn, Wheat, Soybean Futures May Decline on Forecasts for U.S. Inventories
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures may open 10 cents to 15 cents a bushel lower on the Chicago Board of Trade after the U.S. Department of Agriculture said domestic inventories will be larger than analysts expected, said Jason Britt, the president of brokerage Central States Commodities Inc. in Kansas City, Missouri.
-- Wheat futures may open 5 cents to 10 cents a bushel lower on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the government reported that U.S. stockpiles next year may be bigger than analysts expected as exports slow, Britt said.
-- Soybean futures may open 10 cents to 15 cents a bushel lower in Chicago on the prospect of larger grain supplies, Britt said. Soybean-oil futures are expected to open 0.25 cent to 0.3 cent a pound lower, and soybean-meal futures may open down $3 per 2,000 pounds, he said.
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