BLBG: Corn, Wheat, Soybeans Called to Open Lower as China May Slow Demand Growth
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 6 cents to 7 cents a bushel lower on the Chicago Board of Trade after China ordered banks to increase reserves, part of government efforts to slow inflation that may reduce demand for commodities, said Mario Balletto, a grain analyst for CitiGroup Global Markets Inc. in Chicago.
-- Soybean futures may open 15 cents to 18 cents a bushel lower in Chicago on concern that economic growth may slow in China, the biggest importer and consumer, Balletto said. Soybean-meal futures may open $4 to $5 lower per 2,000 pounds, and soybean oil is expected to open down 0.6 cent to 0.7 cent a pound, he said.
-- Wheat futures may open 3 cents to 6 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as food and animal-feed demand may slow in China, the world’s biggest grain-producing nation, Balletto said.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Whitney McFerron in Chicago at wmcferron1@bloomberg.net.
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.
