March 21 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Wheat futures may open 1 cent to 3 cents a bushel lower on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rain in the U.S. Great Plains this week will boost soil moisture for early development and increase yield potential, Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview.
-- Corn futures are called to open down 1 cent to 2 cents a bushel in Chicago as rain and higher temperatures improve soil conditions for rapid planting across the U.S. Midwest about two weeks earlier than the first seeds are usually planted, boosting yield potential, Gerlach said.
-- Soybean futures may open 1 cent to 2 cents a bushel higher on the CBOT on speculation that yesterday’s biggest drop in seven weeks will boost demand for U.S. supplies from China, the biggest consumer of the oilseed, Gerlach said. Soybean-oil futures are expected to open steady to 0.1 cent a pound higher, and soybean-meal futures may open steady to 50 cents higher per 2,000 pounds.
WHAT TO WATCH: (ALL TIMES NEW YORK) 10:30 a.m. U.S. DOE Oil Inventories 11 a.m. Bloomberg New Energy Finance Summit in New York 2 p.m. USDA Daily Cattle & Hog Slaughter TOP COMMODITY STORIES: -Glencore Finds Viterra After BHP Billiton Miss: Canada -China Corn Imports in February Were 520,671 Tons: Customs -China Jan-Jun Wheat Imports May Double to 900,000: Grain.gov.cn -China Crushers May Increase Soy Purchases, Grain.gov.cn Says -India Expects to Have Enough Food Grains for Exports Till 2014 -Mexico Sees Spring-Summer Corn Output at 16 Million Tons -Ukraine Grain Exports Increased 74% Since July 1, Interfax Says -Palm Oil Ends Little Changed as Rains Boost Soybean Prospects -Bangladesh Opens Talks With Ukraine for Wheat, Directorate Says -Oil Rebounds From Biggest Drop in Three Months as Supplies Fall -U.S. Warns Iran Oil Buyers of Sanctions, Japan and EU Exempt -Fog Hinders Air Traffic in U.S. East as Heat Lingers in Midwest TOP ECONOMIC AND GOVERNMENT NEWS: -Treasuries Rebound a 2nd Day With S&P 500, Dollar Steady -China Cuts Reserve Ratio for 379 AgBank Branches to Boost Loans -China’s Closed-Door Politics Risks Blindsiding Traders After Bo -Record Profits at Chinese Banks Marred by Loan Defaults -Exiting PBOC Adviser Urges More Power for Central Bank: Economy -Asian Currencies Weaken on Concern China’s Growth Is Slowing -Worst-Performing Currency Sunk by Rate Cuts: Brazil Credit -Osborne Says U.K.’s Top Tax Rate Will Be 45% From April 2013 -Monti Risks Strikes to Revamp Italy’s Labor Market: Euro Credit -Bernanke Says Europe Must Aid Banks Even as Strains Have Eased -Stocks to Begin a ‘Steady Upward Trajectory’, Goldman Says MARKETS (AS OF 9:49 A.M. NEW YORK TIME): Last %Chg Corn $6.4425 -0.5 CBOT Wheat $6.4025 -0.4 Soybeans $13.46 0.1 Soybean Oil $0.5441 0.1 Soybean Meal $366.10 0.1 WTI Crude Oil $106.42 0.8 N.Y. Gasoline $3.3605 -0.1 U.S. Dollar Index 79.593 0.0 S&P 500 1,406.99 0.1
To contact the editor responsible for this story: Steve Stroth at email@example.com