BLBG: Corn, Soybeans, Wheat Called Higher in Chicago as Demand Gains After Slump
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 5 cents to 6 cents a bushel higher on the Chicago Board of Trade as demand rebounds following last week’s 11 percent plunge, said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago.
-- Soybean futures may open 5 cents to 7 cents a bushel higher in Chicago after yesterday’s drop to a two-week low revived demand for U.S. supplies, Grow said. Soybean-meal futures may open $2 to $3 higher per 2,000 pounds, and soybean oil is expected to open up 0.2 cent to 0.3 cent a pound.
-- 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 as demand climbs after prices fell for six straight sessions, the longest slump since early June, Grow said. Dry weather in Australia may also boost purchases of U.S. grain, he said.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
