Wheat Futures Called Higher on Global Weather Concerns; Corn, Soy May Gain

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

-- Wheat futures may open 10 cents to 12 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that cold weather in parts of Europe, Russia and Ukraine and dry weather in the southern U.S. Great Plains may reduce yields, Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago, said in a telephone interview.

-- Corn futures are called to open 6 cents to 8 cents a bushel higher in Chicago on speculation that export demand will rebound following the 1.6 percent price decline yesterday, Grow said.

-- Soybean futures may open 3 cents to 5 cents a bushel higher on the CBOT on speculation that demand will climb after the price fell yesterday by the most in four months, Grow said. Soybean-oil futures are expected to open 0.3 cent to 0.4 cent a pound higher, and soybean-meal futures may open $1.50 to $2.50 higher per 2,000 pounds.

WHAT TO WATCH: (ALL TIMES NEW YORK)
2 p.m.    USDA Daily Cattle, Hog Slaughter
3 p.m.    USDA Agriculture Prices for January
4:30 p.m. API U.S. Crude Oil, Product Inventories

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MARKETS (AS OF 10:02 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.3925     1.2
CBOT Wheat                   $6.57       1.9
Soybeans                     $11.90      0.4
Soybean Oil                  $0.506      0.7
Soybean Meal                 $314.30     0.5
WTI Crude Oil                $100.55     1.8
N.Y. Gasoline                $2.893      0.8
U.S. Dollar Index            79.065     -0.1
S&P 500                      1,315.82    0.2

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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