Grain, Soy May Open Little Changed on Farmer Sales, Weather

March 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open down 1 cent a bushel to 1 cent higher on the Chicago Board of Trade after U.S. farmers increased sales following a rally on March 5 to the highest in almost four months, Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview. Dry weather threatens to expand a U.S. Midwest drought before the planting season, he said.

-- Soybean futures may open 1 cent a bushel lower to 1 cent higher on the CBOT as U.S. and South American farmers boosted sales after prices reached a five-month high, while dry weather threatens yields in parts of Brazil, Gerlach said. Soybean-oil futures are expected to open 0.35 cent to 0.45 cent a pound higher, and soybean-meal futures may open 50 cents to $1.50 lower per 2,000 pounds.

-- Wheat futures may open 1 cent a bushel lower to 1 cent higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that the sluggish global economy will cut consumption, while hot, dry weather may reduce yields in the southern U.S. Great Plains, Gerlach said.

WHAT TO WATCH: (ALL TIMES NEW YORK)
10:30 a.m. U.S. DOE crude-oil inventories
2 p.m.     USDA daily cattle & hog slaughter
3 p.m.     USDA broiler eggs set in incubators

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MARKETS (AS OF 10:01 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.5325    -0.1
CBOT Wheat                   $6.56      -0.3
Soybeans                     $13.355    0.02
Soybean Oil                  $0.5367     0.7
Soybean Meal                 $364.30    -0.4
WTI Crude Oil                $104.71    0.01
N.Y. Gasoline                $3.261      1.0
U.S. Dollar Index            79.848    -0.02
S&P 500                      1,347.2     0.3

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Whitney McFerron in Chicago at wmcferron1@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net