Corn, Soybeans Called Higher as U.S. Crop Outlook Worsens; Wheat May Gain
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 12 cents to 15 cents a bushel higher on the Chicago Board of Trade after a government report yesterday showed U.S. crop conditions worsened last week, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview. Hot, dry weather this week will increase the stress on plants, he said.
-- Soybean futures may open 10 cents to 15 cents a bushel higher in Chicago on speculation that hot, dry weather will continue next month, when plants in the U.S. begin to set pods and fill them with beans, Gerlach said. Soybean-oil futures are expected to open 0.45 cent to 0.65 cent a pound higher, and soybean-meal futures may open up $3 to $4 for 2,000 pounds.
-- Wheat futures may open 22 cents to 26 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather in parts of Europe, Russia and Ukraine may damage maturing crops, and that a return to La Nina weather conditions may reduce yield potential in the Southern Hemisphere later this year, Gerlach said.
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