Bloomberg News

Soybeans, Wheat, Corn May Open Lower on Larger World Reserves

December 09, 2011

Dec. 9 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 7 cents to 15 cents a bushel lower on the Chicago Board of Trade after the government forecast rising U.S. and world inventories before the 2012 harvest, Jacquie Voeks, a senior market adviser for the Stewart-Peterson Group in West Bend, Wisconsin, said in a telephone interview. Soybean-oil futures are expected to open 0.3 cent to 0.4 cent a pound lower, and soybean-meal futures may open down $2 to $5 per 2,000 pounds.

-- Wheat futures may open 10 cents to 15 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the U.S. Department of Agriculture said global stockpiles next year will rise to a 10-year high, Voeks said.

-- Corn futures are called to open 4 cents to 7 cents a bushel lower in Chicago after the USDA said world reserves before next season’s harvest will rise more than expected, Voeks said.

--Editors: Millie Munshi, Steve Stroth

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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