BLBG: Corn, Soybeans, Wheat May Open Higher as Adverse U.S. Weather Hurts Crops
What follows are opening calls for U.S. grain and oilseed markets.
-- Corn futures are called to open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade on speculation that frost and freezing temperatures in the past three days have hurt crops in the northwestern U.S. Midwest, Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview.
-- Soybean futures may open 5 cents to 8 cents a bushel higher in Chicago on speculation that cold weather reduced yields and the quality of the crop, Henderson said. Soybean-oil futures are expected to open up 0.3 cent to 0.4 cent a pound, and soybean- meal futures may open $2 to $3 higher for 2,000 pounds.
-- Wheat futures may open 5 cents to 8 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as rain this week in the southern U.S. Great Plains was lighter than forecast, missing key growing areas before the planting season, Henderson said.
To contact the reporters 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.
