BS: Corn, Soybean, Wheat Prices May Open Higher on Dollar
June 15 (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 on speculation that the dollar’s drop will enhance the appeal of U.S. exports, said Larry Young, the president of Covenant Trading LLC in Chicago.
-- Soybean futures may open 3 cents to 4 cents a bushel higher on the greenback’s decline, Young said. Soybean-meal futures may open steady to 70 cents higher per 2,000 pounds, and soybean oil is expected to open steady to 0.1 cent higher.
-- Wheat futures may open 2 cents to 3 cents higher a bushel on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange.
-- U.S. exporters sold 128,080 metric tons of wheat to unknown buyers for delivery in the marketing year that started on June 1, the Department of Agriculture said today in a statement. {NXTW NSN L424686VJ6RK }
-- Ukrainian grains will benefit from cooler weather after high temperatures last week, the national Hydrometeorology Center said. {NXTW NSN L4235O07SXKX }
-- Egypt bought 2.15 million metric tons of wheat from local farmers since the start of May through today, Agriculture Minister Amin Abaza said. {NXTW NSN L421SA0YHQ0X }
-- Corn purchases by Japan, the world’s biggest importer, may drop this year as producers cull pigs and cattle after an outbreak of foot-and-mouth disease. {NXTW NSN L41BUL0YHQ0X }
-- Thai rice-export cancellations and delays may drop from a two-year high as prices stabilize, the Thai Rice Exporters Association said. {NXTW NSN L41OZ90UQVI9 }
-- The U.K. exported 279,000 metric tons of wheat in April, up from 205,000 a year earlier, the Home-Grown Cereals Authority said today. {NXTW NSN L422ND6N9EDK }
-- Wheat-price swings will be more frequent in the coming decade as regions with variable output become bigger exporters of the grain, the Organization for Economic Cooperation and Development and the United Nations Food and Agriculture Organization said. {NXTW NSN L41THC07SXKX }
-- World food prices will rise this decade because of a rising population and changing diets, the OECD and FAO said in their annual outlook report. {NXTW NSN L41U5W0D9L35 }
-- Gold may gain in New York on concern that the global economic recovery may slow, boosting demand for the metal as a means of protecting wealth. {NXTW NSN L423710D9L37 }
-- Palm-oil futures fell on concern that supplies may rise on lower demand from China, the biggest user of edible oils. {NXTW NSN L41YWV1A74E9 }
-- Crude oil rose in New York ahead of a report that may show growing U.S. demand for fuel as the euro recovered against the dollar, boosting the appeal of commodities. {NXTW NSN L423D51A74E9 }
