BLBG: Corn, Soybeans, Wheat May Open Lower as Global Demand Ebbs, Dollar Rallies
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 10 cents to 12 cents a bushel lower on the Chicago Board of Trade on speculation that the U.S. recovery is faltering, reducing global demand for grain to make animal feed, fuel and food, Don Roose, the president of U.S. Commodities Inc in West Des Moines, Iowa, said in a telephone interview.
-- Soybean futures may open 13 cents to 16 cents a bushel lower in Chicago on speculation that rain in the next 10 days will revive Midwest crops after a July heat wave, Roose said. The dollar’s rally may erode the appeal of U.S. exports, he said. Soybean-oil futures are expected to open down 0.3 cent to 0.5 cent a pound, and soybean-meal futures may open $2 to $3 lower for 2,000 pounds.
-- Wheat futures may open 10 cents to 12 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on the greenback’s advance against major currencies, Roose said.
To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net. Brian Chappatta in Chicago at bchappatta@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.