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.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
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