BLBG: Corn, Soybean Futures Called Higher on U.S. Yield Concerns; Wheat May Gain
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 5 cents to 7 cents a bushel higher on the Chicago Board of Trade after a government report yesterday showed that U.S. crop conditions as of Sept. 4 deteriorated to the lowest rating since 2005, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview.
-- Soybean futures may open 6 cents to 8 cents a bushel higher in Chicago on speculation that dry weather in the past month stunted plant development, Gerlach said. Soybean-oil futures are expected to open up 0.4 cent to 0.5 cent a pound, and soybean- meal futures may open $2 to $3 higher for 2,000 pounds.
-- Wheat futures may open 6 cents to 9 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rising global equities and a decline by the dollar will boost demand for grain from the U.S., Gerlach 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.
