BS: Corn, Soybeans, Wheat Called to Open Higher on Demand (Update1)
(Adds news and links starting from fifth paragraph.)
By Jeff Wilson and Tony C. Dreibus
March 29 (Bloomberg) -- 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 higher on the Chicago Board of Trade as rising crude-oil prices boost demand for crop-based biofuels and a weaker dollar spurs commodity investments, said Chad Henderson, a market analyst for Prime Agricultural Consultants Inc. in Brookfield, Wisconsin.
-- Soybean futures may open 6 cents to 10 cents a bushel higher in Chicago as the declining dollar increases investor purchases of commodities, Henderson said. Soybean-meal futures may open $2 to $3 higher per 2,000 pounds, and soybean oil is expected to open 0.2 cent to 0.3 cent a pound higher as improved global growth boosts food and animal-feed demand, Henderson said.
-- Wheat futures may open 3 cents to 5 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on the dollar’s dropping value, Henderson said.
-- Equities rose in New York, with the Standard & Poor’s 500 Index extending gains from a fourth straight weekly advance, after consumer spending increased for a fifth month and European confidence in the economic outlook improved. {NXTW NSN L01Q0W07SXKX }
-- A government crop report on March 31 may be bearish for corn and wheat prices because it’s likely to project larger stockpiles of the grains, Emmanuel Jayet, a Societe General analyst, said today in an e-mailed report. {NXTW NSN L01PF16VJ6RO }
-- Alan Greenspan’s warning that rising yields on government debt will drive up U.S. borrowing costs is resonating with the world’s biggest bond traders, who say this month’s losses in the Treasuries markets are just the beginning. {NXTW NSN L01CJT0D9L35 }
-- The yen and dollar fell against most major currencies as evidence that the global recovery is gathering momentum reduced demand for relative safety. {NXTW NSN L01JZL0D9L35 }
-- A revaluation of China’s currency will drive up prices of commodities including copper, soybeans and iron ore as dollar- based imports become more affordable, according to Citigroup Inc. {NXTW NSN L00NW41A74E9 }
-- The strengthening U.S. economy, subdued inflation and rising stock prices have helped to propel the dollar higher as traders sought refuge from Europe’s fiscal crisis and Japan’s deflation. {NXTW NSN L019DO1A1I4H }
-- West Asia and North Africa have become net importers of food because of population growth and land degradation, said Ahmed Al-Bakri, the president of an association of agricultural research institutes in the region and a research director at Oman’s agriculture ministry. {NXTW NSN KZIKML0YHQ0X }
-- Climate change represents a key challenge to farmers in Latin America and the Caribbean basin, where agriculture accounts for about 10 percent of gross domestic product in many countries, said Mario Allegri, the president of the Forum for the Americas on Agricultural Research and Technology Development, or Foragro. {NXTW NSN L01FS21A74E9 }
-- Egypt must cut agricultural consumption of water and change traditional farming methods to raise output and reduce poverty, Agriculture Minister Amin Abaza said in an interview. {NXTW NSN L019Y50UQVI9 }
-- Cocoa production in Ivory Coast, the world’s biggest grower, may decline 8.6 percent in this year’s mid-crop season because of poor rainfall, spurring a gain in prices. {NXTW NSN L01G400UQVI9 }
-- China’s drought-stricken south may get relief from rain over the next few days as a lingering dry spell, blamed on climate change, leaves more than 18 million people short of water. {NXTW NSN L009EE0YHQ0X }
-- A global crop-reserve system is needed to reduce price volatility, curb speculation and prevent a food crisis, researchers from Germany and France said yesterday at an agricultural conference in Montpellier, France. {NXTW NSN L002RT0UQVI9 }
-- Farming drives economic growth, and investing in agricultural research is “fundamental” to reducing poverty and hunger, Kanayo Nwanze, the president of the International Fund for Agricultural Development, said yesterday at the conference in France. {NXTW NSN L01HVJ0D9L35 }
-- Nonghyup Feed Inc., South Korea’s biggest buyer of feed grains, sought to purchase 110,000 metric tons of corn for delivery in August, according to a notice issued to suppliers. {NXTW NSN L01FRP6N9EDE }
-- Palm oil fell on the Malaysia Derivatives Exchange, erasing an earlier gain, as the Malaysian ringgit strengthened to near a 20-month high against the dollar, reducing the affordability of the edible oil for holders of other currencies. {NXTW NSN L01HKJ1A74EB }
-- Gold gained for a third straight session in London as the declining dollar increased demand for the metal as an alternative investment. {NXTW NSN L01ICF0YHQ0X }
-- Crude oil rose for the first time in four sessions as the European Union’s aid package for Greece allayed demand concerns and bolstered the euro. {NXTW NSN L01HQ00D9L35 }
--Editors: Ted Bunker, Daniel Enoch.
To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Tony Dreibus in Chicago at tdreibus@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
Sponsored Links
