Soybeans May Open Lower on Slumping Demand; Wheat Seen Falling
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 5 cents to 8 cents a bushel lower on the Chicago Board of Trade after unexpected cash deliveries against the expiring May contract signaled last week’s rally to the highest price since July 2008 may be slowing demand, said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago. Soybean-oil futures are expected to open 0.25 cent to 0.35 cent a pound lower, and soybean-meal futures may open down $1 to up $1 per 2,000 pounds.
-- Wheat futures may open 3 cents to 5 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after weekend rain boosted soil moisture for maturing winter crops from Texas to Ohio, Grow said in a telephone interview.
-- Corn futures are called to open steady to 2 cents a bushel higher in Chicago as global demand from makers of livestock feed rises amid tightening supplies, Grow said. Contracts for delivery after the harvest may fall as forecasts for rain and warmer temperatures this week boost development of recently planted crops, Grow said.
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