March 28 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade on speculation that smaller crops in South America will force Chinese importers to buy more from the U.S., Chad Henderson, a market analyst for Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview. Soybean-oil futures are expected to open steady to 0.1 cent higher a pound, and soybean-meal futures may open steady to $1 higher per 2,000 pounds.
-- Wheat futures may open 2 cents to 4 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry weather in the U.S. Great Plains, Europe and Canada may threaten yield potential, reducing global inventories, Henderson said.
-- Corn futures are called to open steady to 2 cents a bushel higher in Chicago on signs of tightening supplies, as U.S. farmers withheld sales after average cash prices dropped yesterday to the lowest in at least five weeks, Henderson said.
WHAT TO WATCH: (ALL TIMES NEW YORK) 2 p.m. USDA Daily Cattle & Hog Slaughter TOP COMMODITY STORIES: -Goldman Reduces Three-Month Commodities Outlook to Neutral -Corn May Slump as Supplies Top Estimates, AgResource Says -U.S. Corn Stockpiles Seen 6.4% Lower Than Year Ago By Macquarie -U.S. Soybean Area Will Rise to 76 Million Acres, Macquarie Says -Palm Oil Drops After Rally to One-Year High Deemed Excessive -China 2012 Winter-Wheat Output May Gain 2.55 Mln Tons: CNGOIC -Agriculture Top U.S. Exporting Industry to China, Council Says -ADM Sees Continued Growth in China Through Wilmar Partnership -U.K. Wheat Stockpiles to Exceed Forecast as Usage Declines -U.K. Farmers Union Opposes Policy Requiring 7% Land Set-Aside -World Wheat Trade May Double by 2050 on Demand, GrainCorp Says -Ukraine Grain Harvest Seen at About 50 Million Tons This Year -Ukraine’s Grain-Planted Area May Total 15.8 Million Hectares -Bulgarian Winter Rapeseed Harvest May Fall by 31% Year-on-Year -Wheat Imports by Japan May Reach 4-Year Low as Output Gains TOP ECONOMIC AND GOVERNMENT NEWS: -U.S. Stocks Little Changed on Economic Data, Bernanke Comments -Orders for Durable Goods in U.S. Increased 2.2% in February -Chinese Corporate Profits Trail Estimates on Slowing Growth -Italy Sells Bills at Lowest Since 2010 as Crisis Concerns Ease -Europe Sees Crisis Nearing End as Bernanke Warns on Recovery -Ryan 16% of GDP for U.S. Spending Makes Republicans Pre-Sputnik -Arab Spring Turns to Economic Winter as Unemployment Grows MARKETS (AS OF 9:40 A.M. NEW YORK TIME): Last %Chg Corn $6.3275 0.3 CBOT Wheat $6.4425 0.7 Soybeans $13.7575 0.4 Soybean Oil $0.5513 0.05 Soybean Meal $376.80 0.2 WTI Crude Oil $105.60 -1.6 N.Y. Gasoline $3.3562 -1.5 U.S. Dollar Index 79.215 0.2 S&P 500 1,412.78 0.02
To contact the editor responsible for this story: Steve Stroth at email@example.com