BLBG; Corn, Wheat Futures Called Lower on Rising U.S. Supply; Soybeans May Gain
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures on the Chicago Board of Trade are called to open down 35 cents to 45 cents a bushel, the exchange limit, after a U.S. government report yesterday unexpectedly showed lower consumption in the three months ended May 31 and an increased number of acres that farmers said they planted this year, said Roy Huckabay, an executive vice president for the Linn Group in Chicago.
-- Wheat futures may open steady to 2 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as U.S. farmers increase sales of newly harvested grain and rains aid global crops, Huckabay said.
-- Soybean futures may open 5 cents to 10 cents a bushel higher in Chicago after the government said yesterday that U.S. farmers planted fewer acres than expected this year, Huckabay said. Soybean-oil futures are expected to open steady to 0.1 cent a pound higher, and soybean-meal futures may open up $1 to $3 per 2,000 pounds.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.
To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net
