Grains Called Lower on Beneficial U.S. Weather; Soy May Rise

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

-- Wheat futures may open 1 cent to 3 cents a bushel lower on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rain in the U.S. Great Plains this week will boost soil moisture for early development and increase yield potential, Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview.

-- Corn futures are called to open down 1 cent to 2 cents a bushel in Chicago as rain and higher temperatures improve soil conditions for rapid planting across the U.S. Midwest about two weeks earlier than the first seeds are usually planted, boosting yield potential, Gerlach said.

-- Soybean futures may open 1 cent to 2 cents a bushel higher on the CBOT on speculation that yesterday’s biggest drop in seven weeks will boost demand for U.S. supplies from China, the biggest consumer of the oilseed, Gerlach said. Soybean-oil futures are expected to open steady to 0.1 cent a pound higher, and soybean-meal futures may open steady to 50 cents higher per 2,000 pounds.

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-Stocks to Begin a ‘Steady Upward Trajectory’, Goldman Says



MARKETS (AS OF 9:49 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.4425    -0.5
CBOT Wheat                   $6.4025    -0.4
Soybeans                     $13.46      0.1
Soybean Oil                  $0.5441     0.1
Soybean Meal                 $366.10     0.1
WTI Crude Oil                $106.42     0.8
N.Y. Gasoline                $3.3605    -0.1
U.S. Dollar Index            79.593      0.0
S&P 500                      1,406.99    0.1

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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