Bloomberg News

Wheat Called Higher on Supply Concerns; Corn, Soybeans May Gain

July 05, 2011

July 5 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Wheat futures may open 20 cents to 23 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather will curtail growth in global output, said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago.

-- Corn futures are called to open 10 cents to 13 cents a bushel higher on the CBOT as demand for U.S. supplies climbs in China and South Korea following a slump in prices to the lowest in six months, Grow said.

-- Soybean futures may open 10 cents to 15 cents a bushel higher in Chicago after U.S. farmers told the government they planted less this year, while hot, dry weather later in July may damage Midwest crops, Grow said. Soybean-meal futures may open $3 to $4 higher per 2,000 pounds, and soybean oil is expected to open up 0.25 cent to 0.35 cent a pound.

--Editors: Patrick McKiernan, Millie Munshi

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


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