BLBG: Soybean, Corn, Wheat Prices May Drop in Chicago on Beneficial Crop Weather
What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 12 cents to 14 cents a bushel lower on the Chicago Board of Trade as warm, wet weather aids early U.S. crop development, said Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis. Soybean-oil futures are expected to open 0.6 cent to 0.7 cent a pound lower, and soybean-meal futures may open down $3 to $4 for 2,000 pounds.
-- Corn futures are called to open 5 cents to 8 cents a bushel lower in Chicago on speculation that beneficial weather forecast for the next two weeks in the Midwest will boost crop prospects, Schultz 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 dry weather aids U.S. harvesting of winter grain and rain boosts development of spring crops in Russia, Ukraine and other parts of Europe, Schultz 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.