SF: Grain, Soybeans Called Lower as China May Slow Economy
Nov. 16 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called 9 cents to 10 cents a bushel lower on the Chicago Board of Trade on concern that China plans to crack down on speculation in agricultural commodities and increase interest rates, said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa.
-- Soybean futures may open 25 cents to 30 cents a bushel lower in Chicago on bets that economic growth may slow in China, Roose said. Soybean-meal futures may open $5 to $7 lower per 2,000 pounds, and soybean oil is expected to open down 1.2 cents to 1.5 cents a pound.
-- Wheat futures may open 7 cents to 8 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as U.S. demand might ease, Roose said. Rain this week in the Midwest should aid winter crops before plants go dormant, he said.
-- U.S. exporters sold 119,000 metric tons of soybeans to unknown destinations, the U.S. Department of Agriculture said. The USDA said 9,000 tons are for delivery in the year that began Sept. 1. The rest is to be delivered in the 2011-2012 marketing year. {NXTW NSN LBZDK16JTSEB }
-- Global demand for U.S. stocks, bonds and other financial assets fell in September from a month earlier, the Treasury Department reported. {NXTW NSN LBZDGD1A1I4H }
-- Ireland is in talks with European and International Monetary Fund officials about a bailout that would shore up the nation's finances as well as enable it to inject capital into banks, said a European official with direct knowledge of the talks. {NXTW NSN LBZBNS1A74E9 }
-- Wholesale costs in the U.S. rose less than forecast in October, reflecting declines in prices of cars, trucks and computers that shows limited demand is keeping a lid on inflation. {NXTW NSN LBZD5307SXKX }
-- Chinese Premier Wen Jiabao said the cabinet is drafting measures to counter rapid price gains, suggesting intensified government efforts to combat the fastest inflation in two years. {NXTW NSN LBZ9EN0UQVI9 }
-- China's commerce ministry will strengthen the management of foreign investment to stem inflows of hot money, spokesman Yao Jian told a regular briefing in Beijing today. {NXTW NSN LBYM836JTSE8 }
-- South Korea's won and Singapore's dollar led gains among Asian currencies after the Bank of Korea raised borrowing costs for a second time this year. {NXTW NSN LBYYAD07SXKX }
-- China may impose price limits on food and toughen punishment of those found speculating on agriculture futures including corn and cotton to combat rising inflation, the China Securities Journal reported, citing an unidentified person. {NXTW NSN LBYL3D6TTDS5 }
-- China wants to work with Argentina to reduce the cost of trading soybeans and soy products by dealing directly with the sellers, the Xinhua News Agency reported, citing Zeng Gang, Beijing's ambassador in Buenos Aires. {NXTW NSN LBYOJJ6TTDS0 }
-- Russia harvested 64.2 million tons of grain this year, measured before drying and cleaning, the Agriculture Ministry said. "Almost all regions" have completed the harvest as of today, the ministry said. {NXTW NSN LBZCKS6S972J }
-- Russia will have enough grain to meet domestic needs and imports will come to 2 million tons at most, according to a group representing dairy producers and processors. {NXTW NSN LBZ54I07SXKX }
-- Michel Barnier, the EU's financial services commissioner, said he would seek to limit "risk exposures" derived from "agricultural products." {NXTW NSN LBZDHK6JIJVN }
-- Ukraine has exported 5.5 million tons of grain since July 1, Agriculture Minister Mykola Prysyazhnyuk said. {NXTW NSN LBZ4IF6JTSEA }
