Corn, Soy Called to Open Higher on Dry Weather; Wheat May Fall
What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.
-- Corn futures may open 2 cents to 3 cents a bushel higher on the Chicago Board of Trade as the condition of the U.S. crop declined amid hot, dry weather, said Terry Reilly, an analyst at Citigroup Global Markets Inc. in Chicago. About 63 percent was rated good or excellent as of yesterday, down from 66 percent a week earlier, the U.S. Department of Agriculture said in a report today.
-- Soybean futures may open up 3 cents to 6 cents a bushel in Chicago after the USDA rated 56 percent of the crop in good or excellent conditions as of yesterday, down from 60 percent the prior week, Reilly said. Soybean-oil futures are expected to open 0.2 cent to 0.3 cent higher per pound, and soybean-meal futures may open $2 to $4 higher per 2,000 pounds.
-- Wheat futures may open steady to 1 cent lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the U.S. spring crop was rated 76 percent good or excellent versus 75 percent the prior week, Reilly said.
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