Bloomberg News

Soy, Corn Called Lower on Europe Debt Crisis; Wheat May Rise

November 07, 2011

(Updates with news and links after fourth paragraph.)

Nov. 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 3 cents to 5 cents a bushel lower on the Chicago Board of Trade on concern that Europe’s sovereign- debt crisis will slow global demand for the oilseed, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. Soybean-oil futures are expected to open 0.05 cent to 0.15 cent lower, and soybean- meal futures may open down $2 to $3 per 2,000 pounds.

-- Corn futures are called to open steady to 2 cents a bushel lower on the CBOT on speculation that the European debt crisis will slow global demand, Grow said.

-- Wheat futures may open steady to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry weather will damage winter crops in parts of eastern Europe, Russia, Ukraine and the U.S. Great Plains, Grow said.

--Editors: Millie Munshi, Daniel Enoch

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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