Grains, Soybeans May Open Higher as Price Drop Spurs Demand
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures for delivery are called to open 10 cents to 12 cents a bushel higher on the Chicago Board of Trade on speculation that demand for U.S. supplies will rise after prices slumped to a four-month low yesterday, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview.
-- Wheat futures may open up 7 cents to 10 cents a bushel on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry weather threatening some crops in southern Europe, Russia and China may boost sales of U.S. grain, which dropped near a three-month low yesterday, Gerlach said.
-- Soybean futures may open 12 cents to 15 cents a bushel higher in Chicago after a government report showed declining production in South America boosted overseas purchases of U.S. oilseeds and soy-based animal feed, Gerlach said. Soybean-oil futures are expected to open 0.3 cent to 0.4 cent a pound higher, and soybean-meal futures may open up $3 to $5 per 2,000 pounds.
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