Corn, Wheat, Called Lower on Weaker Demand; Soybeans May Rise

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 lower on the Chicago Board of Trade on speculation that the highest U.S. cash prices in a month will slow demand for the grain used to make ethanol and livestock feed, Jason Roose, the vice president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Wheat futures may open 1 cent to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar’s rally erodes the appeal of U.S. exports, Roose said.

-- Soybean futures may open 1 cent to 3 cents a bushel higher in Chicago on speculation that demand will increase after drought cut production in South America this year and dry weather threatens U.S. crops, Roose said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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