Grains, Soy Called Higher as Demand Rises After Prices Skid
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 6 cents to 9 cents a bushel higher on the Chicago Board of Trade on speculation that demand for U.S. supplies will rebound after prices fell yesterday to a five-week low, Roy Huckabay, an executive vice president at the Linn Group in Chicago, said in a telephone interview. Soybean- oil futures are expected to open 0.15 cent to 0.25 cent a pound higher, and soybean-meal futures may open steady to 50 cents higher per 2,000 pounds.
-- Corn futures are called to open 1 cent to 3 cents a bushel higher on the CBOT amid speculation that gains in the U.S. economy will spur demand for grain to make ethanol and livestock feed, Huckabay said. Yesterday, the commodity dropped 4.4 percent, the most in six weeks.
-- Wheat futures may open 2 cents to 4 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar fell against a basket of major currencies, boosting the appeal of U.S. exports, Huckabay said. Yesterday, prices in Chicago touched a five-week low.
WHAT TO WATCH: (ALL TIMES NEW YORK) 10 a.m. U.S. Leading Indicators 2 p.m. USDA Livestock Slaughter 2 a.m. U.S. Milk Production 3 p.m. USDA Cattle-on-Feed Report 3:30 p.m. U.S. CFTC Commitment of Traders Reports 4 p.m. Latin America October Coffee Exports TOP COMMODITY STORIES: -U.S. Exporters Sell 124,500 Tons of Soy to China, USDA Says -Commodity ETF Assets May Triple in Asia, S&P’s Steadman Says -India Wheat Planting Lower Than Last Year, Farm Ministry Says -Russian Commercial Farmers Increase Winter-Grain Sowing by 3.5% -Russia Grain Crop to Be 92 Million to 93 Million Tons, IFX Says -Rapeseed in France ‘Very Developed’ Before Winter, Cetiom Says -Palm Oil Has Fourth Weekly Gain on Concern Supplies to Decline -China to Import Soybeans to Replenish Reserves, Site Reports -China Buys 2.8 Million Tons of Local Corn This Year -China to End Rebates on Value-Added Tax on Ehthanol, Cofco Says -China Purchases 1 Million Tons of Cotton for State Reserves -Russia’s Meat, Byproducts Output Rose 4.7% in January-October -Olam Wresting Rival Noble’s Stock Premium on Risk Management -Copper Trade Most Bearish in Two Months on Europe: Commodities -Organic Insects Hit Menus as Americans Warm to Eating Mealworms TOP ECONOMIC AND GOVERNMENT NEWS: -U.S. Stocks Advance as Borrowing Costs Decline After ECB Buying -Draghi Says ECB Must Stay Course, Presses Governments to Act -Economy Growing at Fastest Pace of ‘11 in U.S. Forecasts -EU Banks Face $270 Billion Goodwill Hangover for Past Purchases -Euro Rescue Plan Falling Short Renews Franco-German ECB Spat -Bank Stress Gauges Show Pain Lasting Through 2011 -Europe Running Out of Options to Fix Crisis, Katainen Says -Zoellick Says Europe May Get Support From China, U.S. Via IMF -Gross Says Europe Top Risk as Fink Sees Danger in German Ploy -Malaysian Growth Quickens as Exports Withstand Europe Threat -Emerging Stocks Fall in Worst Week in Eight; China Banks Slide MARKETS (AS OF 9:52 A.M. NEW YORK TIME): Last %Chg Corn $6.235 0.04 CBOT Wheat $6.14 0.3 Soybeans $11.74 0.5 Soybean Oil $0.5187 0.4 Soybean Meal $294.10 -0.1 WTI Crude Oil $98.60 -0.2 N.Y. Gasoline $2.5051 -0.1 U.S. Dollar Index 77.989 -0.4 S&P 500 1,216.62 0.04
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