Corn, Soy Called to Open Higher on Dry Weather; Wheat May Jump
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 19 cents to 20 cents a bushel higher on the Chicago Board of Trade on forecasts for dry weather in U.S. growing areas, said Jeff McReynolds, owner of McReynolds Marketing and Investments in Hays, Kansas. The southeastern and eastern Midwest will see little rainfall in the next seven to 10 days, Telvent DTN said in a report today.
-- Soybean futures may open up 40 cents to 45 cents a bushel in Chicago as dry weather threatens production, McReynolds said by telephone. The Department of Agriculture yesterday said about 56 percent of the U.S. crop was in good or excellent condition, down from 60 percent a week earlier. Ratings may decline further if no rain falls on fields this week, McReynolds said.
-- Wheat futures may open 10 cents to 20 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange because of the hot weather, McReynolds said.
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