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Corn, Soy, Wheat Called to Open Higher on Demand

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April 26 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 2 cents to 4 cents a bushel higher on the Chicago Board of Trade on speculation that an economic recovery will stimulate demand for food, animal feed and fuel made from the biggest U.S. crop, said Christian Mayer, a market analyst for Northstar Commodity Investment Co. in Minneapolis.

-- Soybean futures may open 7 cents to 10 cents higher in Chicago as cold weather threatens planting in China, the biggest global consumer of the oilseed, increasing demand for imported supplies, Mayer said. Soybean-meal futures may open $3 to $4 higher per 2,000 pounds, and soybean oil is expected to open 0.25 cent to 0.4 cent a pound higher, he said.

-- Wheat futures may open 5 cents to 7 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as Canadian farmers said they will plant less and wet weather increases the risk of fungal disease for U.S. crops in the southern Great Plains, Mayer said.

-- Canadian wheat growers may cut seeding by 5.1 percent this year, shifting some acres to canola, according to a Statistics Canada survey. {NXTW NSN L1HHE03T6SR2 <GO>}

-- U.S. corn farmers, the world’s biggest growers, may have planted more acres last week than in any week ever as dry weather and more-productive equipment sped up fieldwork, analysts including JPMorgan Chase & Co. said. {NXTW NSN L1CJ881A1I4H <GO>}

-- China’s Heilongjiang province, the country’s biggest soybean producer, may reduce planting of the oilseed this spring as farmers switch to other crops, according to the China National Grain and Oils Information Center. {NXTW NSN L1GNMA6TZ01S <GO>}

-- Palm oil imports by India, the largest buyer, may drop this year as buyers switch to soybean oil to profit from China’s ban on soybean shipments from Argentina, the biggest global supplier.{NXTW NSN L1FB201A1I4H <GO>}

-- Ukraine’s spring grain planting slowed 13 percent as of April 23 compared with a year earlier, UkrAgroConsult said. {NXTW NSN L1HETT1A1I4H <GO>}

-- China, the world’s second-largest sugar consumer, will sell 100,000 metric tons from stockpiles in an auction on April 28, the Ministry of Commerce said. White sugar futures dropped 1.5 percent in Zhengzhou. {NXTW NSN L1H5Z70YHQ0X <GO>}

-- Japanese trading company Marubeni Corp. has made an agreement with grain companies in Russia, the third-biggest wheat exporter, to increase shipments. {NXTW NSN L1H5F60D9L35 <GO>}

-- Palm oil may advance in the second half as dry weather caused by El Nino pares output in Malaysia and Indonesia, according to Godrej International Ltd.{NXTW NSN L1FJUX0D9L35 <GO>}

-- Palm-oil futures on the Malaysia Derivatives Exchange rose for a third day, after Godrej International Ltd. director Dorab Mistry said the tropical oil may advance in the second half. {NXTW NSN L1H1HX0YHQ0X <GO>}

-- Spot gold fell from a one-week high in London as the dollar’s advance may curb demand from investors seeking an alternative investment. {NXTW NSN L1HD051A1I4I <GO>}

-- Crude oil was little changed in London as speculation mounted that an economic recovery will stimulate demand for oil, while a stronger dollar reduced the appeal of commodities to investors. {NXTW NSN L1HE8207SXKX <GO>}

-- U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. {NXTW NSN L1GEC10YHQ0X <GO>}

-- Asian currencies rose, with Taiwan’s dollar and South Korea’s won reaching the highest levels in at least 19 months, on speculation that investors will plow more funds into local assets as the region’s economy grows. {NXTW NSN L1H5Q007SXKX <GO>}

-- Stocks rallied and commodities rose as corporate earnings improved, while the euro fell and yields on the bonds of Europe’s most indebted nations climbed. Greek bonds’ premium to German debt soared to a record. {NXTW NSN L1H9JZ0UQVI9 <GO>}

-- Foreign-exchange profits from carry trades are disappearing as differences in central bank interest rates fail to increase fast enough to compensate for swings in currency rates.{NXTW NSN L1GVFJ1A74E9 <GO>}

-- Caterpillar Inc., the world’s largest maker of construction equipment, posted its first earnings increase in seven quarters, exceeding analysts’ estimates, as the global economy began to improve. {NXTW NSN L1HFIJ0UQVI9 <GO>}

-- Greece is unlikely to be the last euro nation to need an International Monetary Fund bailout, with Ireland, Spain and Portugal “conspicuously vulnerable,” said Harvard Professor Kenneth Rogoff. {NXTW NSN L1HA080YHQ0Z <GO>}

-- The Senate is set to hold a test vote today on a Democratic plan to overhaul regulation of Wall Street, a showdown with political risks for both sides.{NXTW NSN L1GOIH1A74E9 <GO>}

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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