Nov. 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 3 cents to 5 cents a bushel lower on the Chicago Board of Trade on concern that Europe’s sovereign-debt crisis will slow global demand for the oilseed, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. Soybean-oil futures are expected to open 0.05 cent to 0.15 cent lower, and soybean-meal futures may open down $2 to $3 per 2,000 pounds.
-- Corn futures are called to open steady to 2 cents a bushel lower on the CBOT on speculation that the European debt crisis will slow global demand, Grow said.
-- Wheat futures may open steady to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry weather will damage winter crops in parts of eastern Europe, Russia, Ukraine and the U.S. Great Plains, Grow said.
WHAT TO WATCH: (ALL TIMES NEW YORK) 9 a.m. 2011 ABA National Agricultural Bankers Conference 11 a.m. U.S. Wheat, Corn, Soybean Export Inspections 2 p.m. USDA Cattle/Hog Slaughter 3 p.m. U.S. Consumer Credit 3:45 p.m. ECB’s Stark Speaks 4 p.m. U.S. Crop Condition and Progress TOP COMMODITY STORIES: -China May Need WTO to Help Secure Food Supply, China News Says -China to Allocate 3.6 Billion Yuan to Agriculture, Radio Says -Russia May Forgo Grain-Exports Tax on Stable Prices, Union Says -Australian Wheat Exports Seen Jumping 15% on Bumper Crop -Russian Feed Barley Climbed 9.4% in Siberia Last Week -South Korea’s Nonghyup Feed Tenders to Buy Corn, Wheat -Ukrainian Inflation Slows to 5.4% in October on Good Harvest -Fifth Wave Seen Sending Corn Price to $7.30: Technical Analysis -Commodities May Rise 6% in Next Three Weeks: Technical Analysis -India’s October Oilmeals Exports Drop to 353,300 Metric Tons -Vietnam Rice Export Demand Falls on India Sales, News Says -Viterra Bonds Erase Gains on Shareholder Rebuff: Canada Credit -Risk of Sharp Increase in Oil Prices Is Growing, Barclays Says -Hedge Funds Curb Wagers for First Time in a Month: Commodities -China’s 2012 Cotton Imports May be 3.3 Million Tons, ICA Says -Algeria Seeks to Buy 50,000 Metric Tons of Corn, Agritel Says TOP ECONOMIC AND GOVERNMENT NEWS: -U.S. Stocks Gain as European Shares, Euro Erase Earlier Losses -Berlusconi Struggles to Hold on to Power Before Key Budget Vote -Papandreou Confers on Greek Unity Government as Talks Drag On -Euro Finance Chiefs Focus on ‘Bazooka’ as Crisis Persists -World Dodges Slump With China-U.S. Buoy in Europe Crisis -Asia Stocks Fall as Debt Crisis Undermines Greek, Italy Leaders -Berkshire Profit Declines 24% on Buffett’s Derivative Bets -MF Global Creditors to Form Committee, Seek Ways to Recover -MF Global Holdings Said to Be Subject of FBI Investigation NEWS AND DATA SEARCHES: Commodity Tender Announcements: NI TEN <GO> Upcoming Agricultural Reports: AGRI U.S. Cash Grain Export Prices: GRRP Commodity Supply & Demand Data: AGSD MARKETS (AS OF 9:39 A.M. NEW YORK TIME): Last %Chg Corn $6.545 -0.2 CBOT Wheat $6.3825 0.2 Soybeans $12.17 -0.3 Soybean Oil $0.5177 -0.2 Soybean Meal $313.10 -0.7 WTI Crude Oil $95.27 1.1 N.Y. Gasoline $2.7184 2.1 U.S. Dollar Index 76.838 -0.2 S&P 500 1,258.18 0.4
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