Bloomberg News

Corn May Climb on Dry U.S. Weather; Soy, Wheat Seen Lower

March 05, 2012

What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 2 cents to 4 cents a bushel higher on speculation that above-normal temperatures and limited rain in the northwestern U.S. Midwest this week will expand drought conditions before spring planting next month, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Wheat futures may open 2 cents to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rain this week in the southern U.S. Great Plains will boost winter crops, Roose said.

-- Soybean futures may open 1 cent to 2 cents a bushel lower on the CBOT as rain in the past week and more precipitation forecast in the next seven days will improve prospects for crops in South America, Roose said. Soybean-oil futures are expected to open 0.05 cent to 0.15 cent a pound higher, and soybean-meal futures may open 50 cents lower to 50 cents higher per 2,000 pounds.

WHAT TO WATCH: (ALL TIMES NEW YORK)
10 a.m.    U.S. ISM Non-Manufacturing Composite
10 a.m.    U.S. Factory Orders
11 a.m.    U.S. Grains Export Inspections
12:45 p.m. CERA Week Symposium on U.S. Energy Policy in Houston
1:20 p.m.  Dallas Fed President Fisher speaks in Dallas
2 p.m.     USDA Daily Cattle & Hog Slaughter Estimates

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-Belarus May Ban Import of Ukrainian Corn, Oils, Ministry Says
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TOP ECONOMIC AND GOVERNMENT NEWS:
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MARKETS (AS OF 9:40 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.5825     0.5
CBOT Wheat                   $6.7175    -0.4
Soybeans                     $13.3275   -0.02
Soybean Oil                  $0.5424     0.3
Soybean Meal                 $359.20     0.03
WTI Crude Oil                $106.96     0.2
N.Y. Gasoline                $3.2711    -0.03
U.S. Dollar Index            79.333     -0.1
S&P 500                      1,366.49   -0.2

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: Patrick McKiernan at pmckiernan@bloomberg.net


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