Bloomberg News

Grains, Soy Called Higher on Limited Sales, Adverse Weather

October 24, 2011

(Updates with news and links after fourth paragraph.)

Oct. 24 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 9 cents to 11 cents a bushel higher on the Chicago Board of Trade on speculation that U.S. farmers will withhold freshly harvested grain as Asian export demand climbs, Greg Grow, the director of agribusiness at Chicago-based Archer Financial Services Inc., said in a telephone interview.

-- Wheat futures may open 10 cents to 12 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as dry weather threatens crops in the southern Great Plains of the U.S., Grow said.

-- Soybean futures may open 10 cents to 15 cents a bushel higher in Chicago on speculation that U.S. farmers will limit offers as demand rebounds in China, Grow said. Soybean-oil futures are expected to open 0.5 cent to 0.6 cent a pound higher, and soybean-meal futures may open up $2 to $3 per 2,000 pounds.

--Editors: Patrick McKiernan, 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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