Bloomberg News

Soy, Corn Called Higher as Farmers Cut Sales; Wheat May Gain

November 02, 2011

(Updates with news and links after fourth paragraph.)

Nov. 2 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 10 cents to 12 cents a bushel higher on the Chicago Board of Trade as U.S. farmers withdraw offers after prices fell yesterday to a three-week low, Jim Gerlach, the president of A/C Trading Inc. Fowler, Indiana, said in a telephone interview. Soybean-oil futures are expected to open 0.25 cent to 0.35 cent higher, and soybean-meal futures may open up $3 to $4 per 2,000 pounds.

-- Corn futures are called to open 2 cents to 4 cents a bushel higher on the CBOT amid speculation that the government will reduce its estimate of the U.S. crop in a report on Nov. 9, Gerlach said.

-- Wheat futures may open 1 cents to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that the biggest jump in cattle prices in five weeks will boost demand for the grain in livestock feed, Gerlach said.

--Editors: Patrick McKiernan, Millie Munshi

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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