Soybeans May Rise on Supply Concern; Grains Forecast Steady
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 10 cents to 12 cents a bushel higher on the Chicago Board of Trade on speculation that smaller crops in South America will increase demand for U.S. exports as Chinese buyers look for supplies, Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago, said in a telephone interview. Soybean-oil futures are expected to open up 0.3 cent to 0.4 cent a pound, and soybean-meal futures may open $3 to $4 higher per 2,000 pounds.
-- Wheat futures may open steady to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that cold, dry weather during the next two weeks may damage crops in the southern U.S. Great Plains, Grow said.
-- Corn futures are called to open steady to 2 cents a bushel lower in Chicago on concern that a government report on March 30 will show that demand eased in the three months ended Feb. 29, and farmers plan to boost acreage to the highest since 1944, Grow said.
WHAT TO WATCH: (ALL TIMES NEW YORK) 2 p.m. USDA daily cattle & hog slaughter TOP COMMODITY STORIES: -China’s Soft Landing May Be Hard for Commodity Exporters -Hedge Funds Make Wrong-Way Bets for a Fourth Week: Commodities -MF Global’s Corzine May Be Liable for Transfer on Customer Risk -Europe Commodity ETP Assets Are 47.8 Billion Euros, Lyxor Says -U.S. Farmer Optimism Ebbs on Crop Prices, DTN Survey Shows -Ukrainian Spring-Grain Sowing Is Behind 2011, Researcher Says -Brazil Soy Forecast Cut to 66.7 Million Tons, AgRural Says -China’s Soybean Imports May Rise in Year, COFCO Official Says -World Soybean Output May Fall in Year, Oil World Official Says -South African Corn Stockpiles Declined 56% by End of February -Palm Oil Jumps to One-Year High as Exports Increase on Demand -China’s Palm-Oil Imports May Increase in Year, Oil World Says TOP ECONOMIC AND GOVERNMENT NEWS: -Stocks Rise on Euro Optimism, Bernanke Speech; Treasuries Fall -Bernanke Says Accommodative Policy Needed to Lower Unemployment -Merkel Backs Firewall Increase for First Time Amid Spain Fears -German Business-Confidence Index Unexpectedly Gained in March -Plosser Sees No Need for More Stimulus as Economy Recovers -Hedge Funds Capitulating Buy Most Stocks Since ‘10 Amid Gain -Fed’s Best Inflation Gauge Shows 2008 High a Distant Threat MARKETS (AS OF 9:31 A.M. NEW YORK TIME): Last %Chg Corn $6.46 -0.1 CBOT Wheat $6.5475 0.1 Soybeans $13.775 0.9 Soybean Oil $0.5526 0.7 Soybean Meal $376.20 0.9 WTI Crude Oil $106.97 0.1 N.Y. Gasoline $3.404 0.6 U.S. Dollar Index 79.073 -0.3 S&P 500 1,407.7 0.8
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