Grains, Soybeans May Open Higher as Dry Weather Cuts Output
What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
-- Corn futures are called to open 20 cents to 25 cents a bushel higher after a U.S. government report said today that crop conditions deteriorated, reducing yield prospects of the biggest U.S. crop, Doug Bergman, a vice president of agricultural derivatives at RCM Asset Management in Chicago, said in a telephone interview.
-- Soybean futures may open 15 cents to 20 cents a bushel higher as unusually dry, warm weather forecast for the next two weeks will increase crop stress and erode yield potential, Bergman said.
-- Wheat futures may open 15 cents to 20 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after a Canadian agency reduced its production forecast because of dry, warm weather, Bergman said.
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