Soybeans, Corn May Advance on Weather Concerns; Wheat Futures Seen Higher

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

-- Soybean futures may open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade as dry weather and forecasts for warmer temperatures in Argentina and Brazil erode crop prospects, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Corn futures were called to open steady to 2 cents a bushel higher in Chicago as dry weather threatens yields in South America and South Africa, Schultz said.

-- 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’s decline enhances the appeal of U.S. exports and boosts investor demand, Schultz said.

WHAT TO WATCH: (ALL TIMES NEW YORK)

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MARKETS (AS OF 9:49 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $5.7975     0.1
CBOT Wheat                   $5.82       0.5
Soybeans                     $11.2575    0.4
Soybean Oil                  $0.4948     0.2
Soybean Meal                 $288.00     0.6
WTI Crude Oil                $93.80    -0.07
N.Y. Gasoline                $2.5045     0.7
U.S. Dollar Index            80.256    -0.08
S&P 500                      1,223.31    0.6

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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