Bloomberg News

Soy, Corn Called to Open Lower on EU Crisis; Wheat May Fall

November 16, 2011

(Updates with news and links after fourth paragraph.)

Nov. 16 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 5 cents to 7 cents a bushel lower on the Chicago Board of Trade amid concern that the European debt crisis will hinder the global economy, reducing commodity demand, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview. Soybean-oil futures are expected to open 0.2 cent to 0.3 cent a pound lower, and soybean-meal futures may open down $1 to $2 per 2,000 pounds.

-- Corn futures are called to open 4 cents to 6 cents a bushel lower in Chicago on speculation that the dollar’s rally will erode demand for U.S. grain exports, Gerlach said.

-- Wheat futures may open 4 cents to 6 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as rain boosts crops in the southern U.S. Great Plains, 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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