Soybeans, Grains Called to Open Lower on Rain, Reduced Demand
What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.
-- Soybean futures are called to open 1 cent to 3 cents a bushel lower as forecasts for rain during the next five days boost the outlook for crop reproduction and yields in about two-thirds of the U.S., Dax Wedemeyer, a commodity broker at U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
-- Corn futures may open down 1 cent to 2 cents a bushel on speculation that a 58 percent jump in prices since June 15 will slow demand as harvesting starts in the southern U.S., Wedemeyer said.
-- Wheat futures may open steady to 2 cents a bushel lower as improved yields in the northern U.S. Great Plains and Canada increase global production amid crop losses forecast for Russia, Ukraine and Kazakhstan, Wedemeyer said.
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