Corn, Wheat, Soybeans May Fall as China Boosts Rates, U.S. Crops Improve
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 5 cents to 6 cents a bushel lower on the Chicago Board of Trade after China raised interest rates for the third time this year to slow inflation, and weekly U.S. crop conditions improved, said Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana.
-- Wheat futures may open 9 cents to 12 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on bets that favorable weather will improve crops in the northern U.S. Great Plains and Canada, Gerlach said. A rally by the dollar was expected to reduce investment demand for commodities, he said.
-- Soybean futures may open 9 cents to 11 cents a bushel lower in Chicago after inventories rose in China, Gerlach said. Soybean-oil futures are expected to open steady to 0.1 cent a pound lower, and soybean-meal futures may open down $2 to $3 for 2,000 pounds.
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