Corn, Soy Called to Open Lower as Demand Drops; Wheat May Fall

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 lower on the Chicago Board of Trade on speculation that a recent rally which sent prices up 12 percent in the past three sessions may deter overseas buyers, said Larry Glenn, an analyst at Frontier Ag in Quinter, Kansas.

-- Soybean futures may open down 1 cent to 2 cents a bushel in Chicago as rising prices may curb demand, Glenn said. Soybean- oil futures are expected to open 0.2 cent to 0.3 cent lower per pound, and soybean-meal futures may open $1 to $2 lower per 2,000 pounds.

-- Wheat futures may open 2 cents to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange, Glenn 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: Steve Stroth at sstroth@bloomberg.net

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