Corn, Wheat, Soybeans Called to Open Higher on South America Crop Concerns
Posted by Labels: Futures, Futures Corn, Futures Soybeans, Futures Wheat
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade on expectations that excessive heat and little rain over the next three days will cause irreversible damage to some crops in Argentina and southern Brazil, before rains develop Jan. 9, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
-- Soybean futures may open 5 cents to 7 cents a bushel higher on the CBOT on speculation that weather damage to crops in South America will boost overseas demand for U.S. supplies, Roose said. Soybean-oil futures are expected to open 0.25 cent to 0.35 cent a pound higher, and soybean-meal futures may open $2 to $3 higher per 2,000 pounds.
-- Wheat futures may open 4 cents to 6 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that demand for the grain will rise from makers of livestock feed as corn prices climb, Roose said.
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