Soybeans May Rise on Improving Demand; Corn, Wheat Called Higher
What follows are opening calls for U.S. oilseed and grain markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
-- Soybean futures may open 3 cents to 5 cents a bushel higher on speculation that a 9.9 percent price drop since reaching a record on Sept. 4 will spur increased demand from overseas buyers, Tim Hannagan, a grain specialist for Alpari U.S. LLC in Chicago, said in a telephone interview.
-- Corn futures are called to open 1 cent to 3 cents a bushel higher on speculation that the 12 percent drop in cash prices during the past month will encourage farmers to store crops rather than sell them to makers of animal feed and ethanol, Hannagan said.
-- Wheat futures may open steady to 1 cent a bushel higher on speculation that rising Russian grain prices may boost demand for U.S. supplies, Hannagan said.
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