Grains, Soybeans May Rise on Prospect for Smaller Crop Forecasts

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 steady to 2 cents a bushel higher on speculation that the U.S. Department of Agriculture will reduce its forecast of this year’s drought-damaged domestic crop, Dave Marshall, a farm marketing adviser for Toay Commodity Futures Group LLC in Nashville, Illinois, said by telephone.

-- Wheat futures may open steady to 2 cents a bushel higher on speculation that the USDA will cut overseas production forecasts and raise demand estimates for U.S. supplies, Marshall said.

-- Soybean futures may open steady to 2 cents a bushel higher on speculation that the worst drought in more than 50 years damaged more of the U.S. crop than forecast a month ago, Marshall 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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.