Bloomberg News

Grains, Soy Called Lower as Dollar Rally May Reduce Exports

October 31, 2011

(Updates with news and links after fourth paragraph.)

Oct. 31 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 6 cents to 8 cents a bushel lower on the Chicago Board of Trade as the dollar jumped against major currencies, eroding prospects for U.S. exports and reducing the investment appeal of commodities, Greg Grow, the director of agribusiness at Archer Financial Services Inc. in Chicago, said in a telephone interview.

-- Wheat futures may open 6 cents to 8 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that increasing global supplies and the dollar’s rally will reduce demand for U.S. grain, Grow said.

-- Soybean futures may open 9 cents to 11 cents a bushel lower in Chicago as crop prospects improve in South America, Grow said. Soybean-oil futures are expected to open 0.6 cent to 0.7 cent a pound lower, and soybean-meal futures may open down $2 to $3 lower per 2,000 pounds.

--Editors: Steve Stroth, Claudia Carpenter

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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