Corn Seen Higher on Hot, Dry Weather; Wheat May Rise; Soy Steady
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 2 cents to 4 cents a bushel higher on the Chicago Board of Trade as hot, dry weather curbs crop prospects, Mike Zuzolo, president of Global Commodity Analytics in Lafayette, Indiana, said by telephone. Temperatures are expected to be hotter than usual and rainfall will be below normal this week and next, Telvent DTN said in a report today.
-- Wheat futures may open steady to 1 cent a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange, as demand for the grain as a source of livestock feed increases along with corn prices, Zuzolo said.
-- Soybean futures may open steady to 1 cent a bushel lower in Chicago, Zuzolo said. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent lower per pound, and soybean-meal futures may open $2 to $4 lower per 2,000 pounds.
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