Bloomberg News

Soybeans, Grains Called to Open Higher as Demand May Improve

December 01, 2011

(Updates with news and links after fourth paragraph.)

Dec. 1 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 7 cents to 9 cents a bushel higher on the Chicago Board of Trade on speculation that the 7.1 percent drop in prices last month will boost demand, Mark Schultz, the chief analyst for Northstar Commodity Investment Co., said in a telephone interview from Minneapolis. Soybean-oil futures are expected to open 0.2 cent to 0.3 cent a pound higher, and soybean-meal futures may open steady to 50 cents higher per 2,000 pounds.

-- Wheat futures may open 5 cents to 7 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as demand improves for U.S. supplies after prices fell to a 15-month low last month and rain damages crops in Australia, Schultz said.

-- Corn futures are called to open 1 cent to 3 cents a bushel higher in Chicago as demand from ethanol producers increases, Schultz said.

--Editors: Steve Stroth, 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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