Corn, Soybean, Wheat Are Called to Open Lower on Favorable Global Weather
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 5 cents to 8 cents a bushel lower on the Chicago Board of Trade after the U.S. government yesterday said inventories from last year’s crop rose unexpectedly, said Terry Reilly, a market analyst for CitiGroup Global Markets Inc. in Chicago. Dry weather also will aid harvesting next week, boosting supplies, he said.
-- Soybean futures may open 5 cents to 8 cents a bushel lower in Chicago after rain this week boosted soil moisture for planting in Brazil and Argentina, Reilly said. Soybean-meal futures may open $1.50 to $2.50 lower per 2,000 pounds, and soybean oil is expected to open down 0.05 cent to 0.15 cent a pound.
-- Wheat futures may open 2 cents to 4 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as rains improve soil moisture for seeding in Russia, Ukraine and Kazakhstan and dry weather aids harvesting in Canada, Reilly said.
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