Corn, Wheat, Called Lower on Weaker Demand; Soybeans May Rise
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 2 cents to 3 cents a bushel lower on the Chicago Board of Trade on speculation that the highest U.S. cash prices in a month will slow demand for the grain used to make ethanol and livestock feed, Jason Roose, the vice president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
-- Wheat futures may open 1 cent to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar’s rally erodes the appeal of U.S. exports, Roose said.
-- Soybean futures may open 1 cent to 3 cents a bushel higher in Chicago on speculation that demand will increase after drought cut production in South America this year and dry weather threatens U.S. crops, Roose said.
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