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Oct. 4 (Bloomberg) -- 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 as warm, dry weather this week accelerates harvesting of the U.S. crop, which may be larger than the government estimated in September, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
-- Wheat futures may open 8 cents to 10 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that commodity demand will decline amid the European debt crisis and forecasts for rain to aid planting in the southern U.S. Great Plains, Roose said
-- Soybean futures may open 12 cents to 15 cents a bushel lower in Chicago as the harvest in the U.S. Midwest accelerates amid speculation that demand will fall with the slowing world economy, Roose said. Soybean-oil futures are expected to open down 0.4 cent to 0.5 cent a pound, and soybean-meal futures may open down $2.50 to $3.50 for 2,000 pounds of the animal feed.
WHAT TO WATCH: (ALL TIMES NEW YORK) *10 a.m. U.S. Factory Orders *10 a.m. Federal Reserve Chairman Ben S. Bernanke testifies before Congress about U.S. economic outlook *3 p.m. U.S. Vegetable Production *4:30 p.m. API Energy Inventories
TOP COMMODITY STORIES: -Commodities Drop to 10-Month Low as Debt Crisis May Hurt Demand -China Says U.S. Risks Trade War With Bill Targeting Currency -Obama Sends Trade Agreements to Congress, Ending Four-Year Wait -Commodities to Rally 20% on Emerging Markets, Goldman Says -Ukraine’s Winter-Grain Planting Declines by 7%, Ministry Says -Russian Volga Areas May Lose 25% of Grains on Rain, Center Says -Palm Oil Drops to One-Year Low on European Debt Crisis Concern -U.S. Corn Crop 21% Harvested, Behind 5-Year Average, USDA Says -Corn, Soybean Crops in U.S. Larger Than Forecast, FCStone Says -Oil Speculation Rules Probed by Levin Panel as CFTC Nears Vote -Canadian Wheat Crop Increases on Durum, Government Survey Says
ECONOMIC AND GOVERNMENT NEWS: -Stocks, Commodities Drop on Europe Concern; Bunds, Dollar Rise -Euro Reaches Decade Low Versus Yen Amid Greece, Growth Concerns -Treasuries Drop on Bets U.S. Economy Doesn’t Merit Yield Slide -Goldman Cuts GDP Estimates; Sees German, French Recessions -Oil Falls to 8-Week Low on Libya Supply; Goldman Cuts Forecast
Commodity Tender Announcements: NI TEN <GO>
--Editors: Daniel Enoch, Steve Stroth.
To contact the reporters on this story: Jeff Wilson in Chicago at email@example.com; Whitney McFerron in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com.