Bloomberg News

Grains, Soy May Rise on EU Debt Deal, U.S. Economic Growth

October 27, 2011

(Updates with news and links after fourth paragraph.)

Oct. 27 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Wheat futures may open 8 cents to 10 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange as European leaders agreed to boost the region’s rescue fund in a bid to stem the debt crisis, bolstering prospects for commodity demand, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

-- Soybean futures may open 15 cents to 18 cents a bushel higher in Chicago on the European accord and accelerating economic growth in the U.S., Schultz said. Soybean-oil futures are expected to open 0.9 cent to 1 cent a pound higher, and soybean- meal futures may open up $3 to $4 per 2,000 pounds.

-- Corn futures are called to open 6 cents to 8 cents a bushel higher after a government report showed the U.S. economy expanded in the third quarter at the fastest pace in a year, Schultz said.

--Editors: Millie Munshi, 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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