Corn, Soy, Wheat Called to Open Higher on Demand, Weather (18-Jan-2012)
Posted by Labels: 2012 News, Futures Corn, Futures Soybeans, Futures WheatWhat follows are opening calls for U.S. grain and oilseed markets.
Corn futures are called to open 7 cents to 10 cents a bushel higher on the Chicago Board of Trade on speculation that warm, dry weather this week in Argentina may reduce any yield benefits from rain last week, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. Stronger economic growth in China, the biggest hog producer, may spur purchases of U.S. corn for livestock feed, Grow said.
Soybean futures may open 15 cents to 20 cents higher on the CBOT on speculation that adverse weather in Argentina and improved U.S. processing of the oilseed in December may spur increased demand for supplies held by farmers, Grow said. Soybean-oil futures are expected to open 0.5 cent to 0.7 cent a pound higher, and soybean-meal futures may open $4 to $5 higher per 2,000 pounds.
Wheat futures may open 7 cents to 9 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather threatening crops in Ukraine and a weaker dollar will spur demand for supplies from the U.S., Grow said.
WHAT TO WATCH: (ALL TIMES NEW YORK)
11 a.m. Export Inspections - Corn, Soybeans, Wheat
2 p.m. USDA Daily Cattle and Hog Slaughter
TOP COMMODITY STORIES:
-Commodities Rally on Speculation China May Ease Monetary Policy
-Palm Oil Climbs as Drought in South America May Hurt Soybeans
-Argentine Corn Farmers Expected to Experience Renewed Heatwave
-Rain in Southern Brazil Eases Corn-Crop Losses From Dry Spell
-Brazil Soy Crop 46% Sold in Advance as of Jan. 13, Celeres Says
-Corn, Soy Crops in Brazil State to Face Drought Next 10 Days
-Russia’s Grain Crop for 2012 May Be at Least 90 Million Tons
-Ukraine Winter-Grain Sprouting Declines, UkrAgroConsult Says
-Ukraine’s Grain Exports May Be Less Than Government’s Target
-BASF Moves Unit to U.S. After Europe Rebuffs Modified Potato
-Funds Wager Wrong Way as Prices Drop Most in Month: Commodities
-Japan, China’s Biggest Food Suppliers Ally in Emerging Markets
-Iraq to Raise Wheat Output by 74% by 2015, State Company Says
-South Africa Imports Zambian White Corn, Wheat From Uruguay
-U.K. Wheat Exports Fell 24% July Through November, HGCA Says
-Yara Leads Chemicals; Equinet Sees Strong Fertilizer Demand
-Oil Rises to Three-Day High on Bets China May Stimulate Growth
-Gold Climbs to One-Month High on China Outlook, Weaker Dollar
TOP ECONOMIC AND GOVERNMENT NEWS:
-U.S. Stocks Advance as Commodity Producers Gain on China Bets
-Euro Advances as Spanish, Greek Borrowing Costs Drop at Sales
-Spain Funding Costs Drop 50% as Investors Ignore S&P Downgrade
-German Investor Confidence Jumps as Crisis Seen Ebbing: Economy
-Emerging Stocks Rise to Two-Month High on China Economic Growth
-China’s Slowing Growth Boosts Scope for Policy Easing: Economy
-China’s Urban Population Exceeds Countryside for First Time
-DeWoskin Says China Easing Risks Stoking Food Inflation
-Fastest-Aging Society Greets Ma in Taiwan Asset-Price Risk
-Citigroup Earnings Unexpectedly Decline as Trading Slumps
MARKETS (AS OF 9:30 A.M. NEW YORK TIME):
Last %Chg
Corn $6.0775 1.4
CBOT Wheat $6.1175 1.6
Soybeans $11.765 1.6
Soybean Oil $0.5097 1.4
Soybean Meal $305.80 1.4
WTI Crude Oil $100.26 1.6
N.Y. Gasoline $2.778 1.6
U.S. Dollar Index 81.222 -0.4
S&P 500 1,292.72 0.3
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
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