Grains May Open Lower on Slow Demand; Soy May Drop on U.S. Rain
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 are called to open unchanged to 2 cents a bushel lower on the Chicago Board of Trade after a 57 percent jump in prices since mid-June slowed overseas purchases and reduced use of the grain in livestock feed, Jerry Gidel, the chief feed grain analyst for Rice Dairy LLC in Chicago, said in a telephone interview.
-- Wheat futures may open 1 cent to 3 cents a bushel lower on the CBOT on reduced overseas demand for U.S. supplies following a 44 percent jump in prices since May 15, Gidel said.
-- Soybean futures may open 2 cents to 4 cents a bushel lower on speculation that the first increase in U.S. crop conditions this season may signal improving yield potential after recent rain boosted plant health, Gidel said.
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