Bloomberg News

Grains, Soybeans May Fall as European Debt Crisis Slows Demand

September 28, 2011

Sept. 28 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 5 cents to 7 cents a bushel lower on the Chicago Board of Trade on speculation that demand for food, animal feed and fuel made from the crop will drop as the U.S. economy slows and Europe’s debt crisis reduces consumer confidence, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview.

-- Wheat futures may open 5 cents to 9 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on concern that European leaders are divided on plans to tame the region’s sovereign-debt crisis, potentially prolonging the fiscal woes and slowing commodity demand, Gerlach said.

-- Soybean futures may open 8 cents to 10 cents a bushel lower in Chicago on concern that global demand is waning for cooking oils and animal feed made from the crop, Gerlach said. Soybean- oil futures are expected to open down 0.05 cent to 0.1 cent a pound, and soybean-meal futures may open $1 to $2 lower for 2,000 pounds.

--Editors: Millie Munshi, Daniel Enoch

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus