Corn, Soybeans Called Higher on Dry Weather; Wheat May Decline
What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.
-- Corn futures may open 1 cent to 2 cents a bushel higher on the CBOT because of dry weather in the past weeks in parts of the U.S. Midwest, including Iowa and Illinois, the biggest growers, Dave Marshall, a farm-marketing adviser at Toay Commodity Futures Group LLC in Nashville, Illinois, said in a telephone interview.
-- Soybean futures may open little changed to 1 cent a bushel higher in Chicago on the lack of rain in the past week in the U.S., Marshall said. Soybean-oil futures are expected to open steady to 0.1 cent higher, and soybean-meal futures may open little changed to $2 higher per 2,000 pounds.
-- Wheat futures may open steady to 1 cent a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the harvest progresses in the U.S. Plains, boosting supplies, Marshall said.
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