Bloomberg News

Grains, Soy May Open Higher as Dollar’s Drop Spurs Demand

October 19, 2011

(Updates with news and links after fourth paragraph.)

Oct. 19 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 2 cents to 4 cents a bushel higher on the Chicago Board of Trade on speculation that European leaders will take steps to ease the region’s debt crisis, driving the dollar lower and spurring commodity demand, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

-- Wheat futures may open 3 cents to 5 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar’s decline enhances the appeal of U.S. exports, Schultz said.

-- Soybean futures may open steady to 2 cents a bushel higher in Chicago on speculation that the global economy will rebound, boosting demand for the oilseed, Schultz said. Soybean-oil futures are expected to open steady to 0.1 cent higher, and soybean-meal futures may open up 50 cents to $1 for 2,000 pounds.

--Editors: Patrick McKiernan, Daniel Enoch

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.


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