Bloomberg News

Grains, Soy Called Higher as Demand Rises After Prices Skid

November 18, 2011

(Updates with news and links after fourth paragraph.)

Nov. 18 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 6 cents to 9 cents a bushel higher on the Chicago Board of Trade on speculation that demand for U.S. supplies will rebound after prices fell yesterday to a five-week low, Roy Huckabay, an executive vice president at the Linn Group in Chicago, said in a telephone interview. Soybean- oil futures are expected to open 0.15 cent to 0.25 cent a pound higher, and soybean-meal futures may open steady to 50 cents higher per 2,000 pounds.

-- Corn futures are called to open 1 cent to 3 cents a bushel higher on the CBOT amid speculation that gains in the U.S. economy will spur demand for grain to make ethanol and livestock feed, Huckabay said. Yesterday, the commodity dropped 4.4 percent, the most in six weeks.

-- Wheat futures may open 2 cents to 4 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar fell against a basket of major currencies, boosting the appeal of U.S. exports, Huckabay said. Yesterday, prices in Chicago touched a five-week low.

--Editors: Daniel Enoch, 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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