Soybeans, Corn May Open Higher on Crop Erosion; Wheat May Fall
What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
-- Soybean futures may open 3 cents to 5 cents a bushel higher after the U.S. Department of Agriculture said crop ratings fell for the first time in three weeks as dry weather damaged plants in the western Midwest, Jacquie Voeks, a senior market adviser for West Bend, Wisconsin-based Stewart Peterson Group, said in a telephone interview.
-- Corn futures are called to open steady to 2 cents a bushel higher as a government report showed U.S. crop conditions worsened, Voeks said.
-- Wheat futures may open steady to 2 cents a bushel lower on speculation that rain during the next week will improve depleted soil moisture reserves for timely planting of winter grain in parts of the southern U.S. Great Plains, Russia and Ukraine, boosting yield potential, Voeks said.
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