BLBG: Corn, Wheat, Soybeans Called to Open Higher as Wet Weather Delays Planting
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures may open 5 cents to 10 cents a bushel higher on the Chicago Board of Trade as wet weather delays planting in parts of the U.S. Midwest, while floods threaten to reduce supply from the Mississippi River delta, said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago.
-- Wheat futures may open 8 cents to 10 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange, as rain slows spring seeding in North Dakota and Minnesota, while drought cuts yields in the U.S. Great Plains, Grow said.
-- Soybean futures may open 2 cents to 4 cents a bushel higher in Chicago, as planting delays threaten to reduce U.S. crop yields, Grow said. Soybean-oil futures are expected to open 0.3 cent to 0.4 cent a pound higher, and soybean-meal futures may open up $2 to $2.50 per 2,000 pounds, he said.
To contact the reporter on this story: Whitney McFerron in Chicago at wmcferron1@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
