Soybeans, Wheat May Open Higher on Dry Weather; Corn Seen Weaker

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

-- Soybean futures may open 6 cents to 8 cents a bushel higher on the Chicago Board of Trade on speculation that drier weather may threaten production in the U.S. and China, spurring increased overseas demand for U.S. supplies, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open up $3 to $4 per 2,000 pounds.

-- Wheat futures may open 2 cents to 4 cents higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as dry weather threatens crops in parts of the U.S., Europe and Russia, increasing demand for supplies from the U.S, the biggest global exporter, Gerlach said.

-- Corn futures are called to open steady to 2 cents a bushel lower in Chicago on speculation that this week’s rally was overdone, given that it is too early to assess damage from dry weather until plants start to pollinate in June, Gerlach said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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