Corn, Soybeans May Open Lower as Economic Woes Erode Demand

What follows are opening calls for U.S. grain and oilseed markets. Trading starts at 5 p.m. on the Chicago Board of Trade.

-- Corn futures may open steady to 1 cent lower on the CBOT as U.S. economic concerns eroded commodity demand, Sterling Smith, a commodity market analyst at Citigroup Inc.’s institutional client group, said in an e-mail.

-- Soybean futures may open 2 cents to 3 cents a bushel lower in Chicago on global-economic concerns, Smith said. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound lower, and soybean-meal futures may drop $1 to $2 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 “weaker stock market looks like a drag” on prices, Smith said.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net.

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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