Bloomberg News

Soy May Rise on Demand Outlook; Corn, Wheat Called Higher

October 10, 2011

(Updates with news and links after fourth paragraph.)

Oct. 10 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 20 cents to 25 cents a bushel higher on the Chicago Board of Trade as U.S. exports rebound following a five-week price slump, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. Yields from crops that farmers currently are harvesting in the Midwest might trail government forecasts, he said. Soybean-oil futures are expected to open up 0.8 cent to 1 cent a pound. Soybean-meal futures may open $4 to $5 higher for 2,000 pounds.

-- Corn may open 8 cents to 12 cents a bushel higher in Chicago on speculation that demand for food, fuel and livestock feed made from the grain will increase after prices slumped in September, Schultz said.

-- Wheat futures may open 10 cents to 15 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as prospects improve for the global economy, boosting demand for grain, Schultz said.

--Editor: Patrick McKiernan

To contact the reporter on this story: Whitney McFerron in Chicago at wmcferron1@bloomberg.net.

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


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