Grains, Soybeans May Open Lower as Rallies Curb Demand
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open steady to 2 cents a bushel lower on the Chicago Board of Trade on speculation that the highest prices in nine months will slow demand for the grain to make ethanol and animal feed, Jason Roose, a vice president for U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview. An Energy Department report today showed ethanol production last week sank to the lowest since Sept. 23.
-- Soybean futures may open steady to 2 cents a bushel lower on the CBOT because demand may slow after prices rose to the highest in almost four years, Roose said.
-- Wheat futures may steady to down 2 cents a bushel on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that the highest U.S. prices in 14 months will reduce overseas demand, Roose said.
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