Wheat Called Higher on Russia Dry Weather; Soy, Corn Seen 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.
-- Wheat futures may open 1 cent to 2 cents higher on speculation that the Russian crop is deteriorating because of dry weather, Louise Gartner, the owner of Spectrum Commodities in Beavercreek, Ohio, said by telephone.
-- Soybean futures are called to open steady after a government report showed U.S. crop conditions were unchanged from a week earlier, snapping eight weeks of declines, Gartner said. Soybean-oil futures may open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open steady to $1 higher per 2,000 pounds.
-- Corn futures may open steady as the U.S. Department of Agriculture said 23 percent of the crop was rated good to excellent as of yesterday, meeting analysts expectations, Gartner said.
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