Corn, Soybeans, Wheat May Rise on Falling U.S. Crop Conditions
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 2 cents to 3 cents a bushel higher on the Chicago Board of Trade after the government said 66 percent of the crop was in good or excellent condition on June 10, down from 72 percent a week earlier and the lowest since 2008, Joe Vaclavik, the president of Standard Grain Inc. in Chicago, said in a telephone interview.
-- Soybean futures may open 4 cents to 6 cents a bushel higher on the CBOT after a U.S. Department of Agriculture report showed that dry, warm weather reduced crop conditions by more than expected, Vaclavik said. Soybean-oil futures are expected to open steady to 0.1 cent a pound higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.
-- Wheat futures may open 1 cent to 3 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after spring-wheat conditions unexpectedly fell in the northern U.S. last week, Vaclavik said.
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