Soybeans, Corn, Wheat May Open Higher on Supply Concerns
February 08, 2012, 11:38 AM ESTBy Jeff Wilson
(Updates with news and links after fourth paragraph.)
Feb. 8 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.
-- Soybean futures may open 5 cents to 7 cents a bushel higher on the Chicago Board of Trade on speculation that dry weather curbing production in Argentina and Brazil will prompt Chinese importers to buy more from the U.S., Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview. Soybean-oil futures are expected to open 0.35 cent to 0.4 cent a pound higher, and soybean-meal futures may open 50 cents to $1 higher per 2,000 pounds.
-- Corn futures are called to open 3 cents to 5 cents a bushel higher in Chicago on speculation that a U.S. government report tomorrow will confirm smaller crops in South America, boosting global demand for U.S. inventories, Roose said.
-- 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 on speculation that cold weather later this week may damage crops in Russia and Ukraine, Roose said.
TOP COMMODITY STORIES: -Corn Rises Before USDA May Lower Estimate for World Inventories -Palm Oil Gains as Stockpiles in Malaysia Seen at Five-Month Low -Wheat in Japan May Drop Most Since 2009, Cutting Food Costs -Black Sea Storms Halt Novorossiysk’s Oil, Grain Shipments -Frost Endangers Grains in Russia’s Krasnodar, Governor Says -Corn Imports by Korea to Rebound in 2012 as Hog Herd Builds -Australia Cattle Sales Suspended as Floods Disrupt Road Traffic -Iraq Buys 100,000 Metric Tons Wheat of Australian Origin -Cooking-Oil Imports by India May Climb as Domestic Supply Ebbs -China to Purchase 1 Million Tons Sugar as Temporary Reserves -Africa May Hold Answer to Global Food Security, WTO’s Lamy Says -McDonald’s January Store Sales Rise 6.7% on Gain in the U.S.
TOP ECONOMIC AND GOVERNMENT NEWS: -Stocks Set for Bull Market, Commodities Rise on Greek Talks -Greek Premier Seeks Rescue Consensus Amid Political Quarrels -Bernanke-Led Economy Proves Critics Clueless About Fed Policies -Iran Anxiety No Match for Central Bankers Sedating Investors -China May ‘Move Shortly’ on Aid for Europe, Academic Says -China’s Central Bank Pledges Support for Housing Market
NEWS AND DATA SEARCHES: Commodity Tender Announcements: NI TEN <GO> Agricultural Reports: AGRI <GO> U.S. Cash Grain Export Prices: GRRP <GO> Commodity Supply & Demand Data: AGSD <GO>
--Editors: Patrick McKiernan, Thomas Galatola
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
