Soybean Forecast to Rise on China Import Demand; Corn, Wheat May Gain
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 10 cents to 15 cents a bushel higher on the Chicago Board of Trade after the government announced sales of the oilseed to China, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview. Soybean-oil futures may open 0.4 cent to 0.5 cent a pound higher, and soybean-meal futures may open up $2 to $3 per 2,000 pounds.
-- Corn futures are called to open 4 cents to 5 cents a bushel higher in Chicago on signs that demand is improving for U.S. exports, Roose said.
-- Wheat futures may open 7 cents to 8 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after U.S. exporters boosted sales to Egypt yesterday and unknown buyers today, Roose said.
WHAT TO WATCH: (ALL TIMES NEW YORK) 10 a.m. USDA Retail Meat Price Data 2 p.m. USDA Cattle/Hog Slaughter 3 p.m. USDA Cattle on Feed/Feedlots 3 p.m. USDA Milk Production TOP COMMODITY STORIES: -U.S. Sells 2.8 Million Metric Tons of Soybeans to China -U.S. Exporters Announce Sales of Corn, Wheat and Soybean Oil -Soybeans to Outperform Grains on Weather, Deutsche Bank Says -Ukraine’s Grain Exports Fell in February, Confederation Says -Ukraine Grain Traders to Restrict Wheat Exports, Izvestia Says -Three Ships Waiting to Unload Ukraine Grain at Ports in Iran -India’s Wheat Output May Exceed Estimate This Year, Pawar Says -Corn-Growing Area in China’s Northeast Notably Dry, ANZ Says -Environment Rules May Hurt Food Output in EU, Copa-Cogeca Says -Turkey to Hold 200,000-Ton Grain-Export Auction on February 28 -Nigeria to Add 2.1 Million Tons of Rice Output in 4 Years -Orange Juice From Brazil Won’t Get Reprieve From U.S. Testing -Bunge, Senwes Oil Seed Plant Estimated at 850 Million Rand -China Egg Producer Sets Up U.S. Biogas Project With Smithfield -‘Industrial Terrorism’ of Undercover Livestock Videos Targeted -Texas Rice Farmers Look for Miracle as Irrigation Cutoff Looms TOP ECONOMIC AND GOVERNMENT NEWS: -Stocks, Oil, Euro Rise on Greek Optimism as Bond Risk Declines -Consumer Prices in U.S. Rose Less Than Forecast in January -ECB Greek Plan May Hurt Bondholders While Triggering Debt Swaps -Monti Bonds Gain as Merkel, Sarkozy Busy at Home: Euro Credit -Germany Aims to Avoid Two-Step Vote on Greek Aid, Debt Swap -German President Quits Amid Legal Probe in Blow to Merkel -Egypt-U.S. Rift Hangs Over IMF Loan Talks as Reserves Plunge -China’s Xi Warms Up for Lakers Game by Touring Los Angeles Port MARKETS (AS OF 9:54 A.M. NEW YORK TIME): Last %Chg Corn $6.4475 0.8 CBOT Wheat $6.435 1.3 Soybeans $12.765 0.9 Soybean Oil $0.54 1.1 Soybean Meal $333.30 0.8 WTI Crude Oil $103.11 0.8 N.Y. Gasoline $3.027 -0.7 U.S. Dollar Index 79.277 -0.1 S&P 500 1,361.75 0.3
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