Bloomberg News

Corn, Soy Called Lower as Exports Sales Slow; Wheat Steady

October 20, 2011

(Updates with news and links after fourth paragraph.)

Oct. 20 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 1 cent to 3 cents a bushel lower on the Chicago Board of Trade after a government report today showed that there were no additional sales to China in the week ended Oct. 13 above the quantities previously announced, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Soybean futures may open 2 cents to 5 cents a bushel lower in Chicago after the U.S. Department of Agriculture said export sales of the oilseed last week dropped 12 percent from a week earlier and fell 71 percent from a year earlier, according to Roose. Soybean-oil futures are expected to open 0.05 cent to 0.1 cent lower, and soybean-meal futures may open down 30 cents to 50 cents for 2,000 pounds.

-- Wheat futures may open steady to 1 cent a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as more of the grain may be used in livestock feed, Roose said.

--Editors: Daniel Enoch, Steve Stroth.

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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