SF: Corn, Soy to Open Lower on Favorable Weather; Wheat May Drop
June 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 2 cents to 4 cents a bushel lower on the Chicago Board of Trade as warm, wet weather in the Midwest boosts crop development and yield potential, said Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin.
-- Soybean futures may open 1 cent to 2 cents a bushel lower on favorable weather, Henderson said. Soybean-meal futures may open steady to $1 lower per 2,000 pounds, and soybean oil is expected to open 0.1 cent to 0.15 cent a pound lower.
-- Wheat futures may open 1 cent to 2 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that the global economic recovery is slowing, reducing demand for U.S. grain, Henderson said.
