Feb. 24 (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 lower on the Chicago Board of Trade after the U.S. government said increased production later this year will double reserves before the start of the harvest in 2013, Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.
-- Wheat futures may open 4 cents to 6 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the U.S. Department of Agriculture forecast that a larger domestic crop and rising world supplies will boost stockpiles before the 2013 harvest to the highest in three years, Schultz said.
-- Soybean futures may open 2 cents to 4 cents a bushel higher on the CBOT after the USDA said rising global demand will erode U.S. reserves before the 2013 harvest to the smallest in three years, Schultz said. Soybean-oil futures are expected to open 0.1 cent a pound lower to 0.1 cent higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.
WHAT TO WATCH: (ALL TIMES NEW YORK) 10:00 a.m. U.S. January New Home Sales 2:00 p.m. USDA Livestock Slaughter 3:00 p.m. U.S. Cattle on Feed, Marketings, Placements TOP COMMODITY STORIES: -U.S. Corn Harvest to Top Record as Soybean, Wheat Crops Gain -U.S. 2012 Corn, Soybean, Wheat and Cotton Projections (Table) -U.S. Corn Output May Rise to 14.27 Billion Bushels, USDA Says -U.S. Soybean Output May Rise to 3.25 Billion Bushels, USDA Says -U.S. Wheat Harvest May Rise to 2.165 Billion Bushels, USDA Says -U.S. Cattle Herd May Shrink While Pork Output Climbs, USDA Says -U.S. Ethanol Industry Must Fight to Keep Mandate, Vilsack Says -Rural-Economy Gains Tempered by U.S. Budget, Henderson Says -Chinese Purchases of U.S. Corn May Spur More Imports, Yigu Says -Sinofert Seeks Potash, Phosphate Mines to Meet China Demand -Palm Oil Climbs for Third Week as Crude Gains on Demand Outlook -Pakistan Will Swap Wheat, Rice to Iran for Iron Ore, Fertilizer -Cotton Exports From India Slows as Crisis Cools Apparel Demand -Copper Traders Most Bullish in 2 Months on Demand: Commodities -Oil Rises a Seventh Day in Longest Winning Streak in Two Years TOP ECONOMIC AND GOVERNMENT NEWS: -Stocks, Oil Advance on Signs of Economic Recovery; Yen Weakens -ECB May Allot 470 Billion Euros in 3-Year Crisis Loans: Economy -Barclays Advises Selling Euro on Potential LTRO Liquidity Shock -Mentor of Central Banks Fischer Rues Complacency in New Growth -Record Mexican Drought Losing Sway as Inflation Bets Sink -China Leading Economic Index Has Faster Gain in January -Asian Currencies Rise This Week on U.S. Recovery, China Easing MARKETS (AS OF 9:55 A.M. NEW YORK TIME): Last %Chg Corn $6.385 -0.6 CBOT Wheat $6.3675 -0.7 Soybeans $12.845 0.1 Soybean Oil $0.5451 -0.1 Soybean Meal $336.60 0.4 WTI Crude Oil $108.67 0.8 N.Y. Gasoline $3.1141 0.02 U.S. Dollar Index 78.377 -0.6 S&P 500 1,366.25 0.2
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