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 TOP COMMODITY STORIES: -Speculative Wagers on Crops Reach Five-Month High: Commodities -India Bans Cotton Exports Until Further Notice; Futures Gain -Glencore CEO Dismisses Calls to Increase Offer for Xstrata -China Should Reform Corn-Import System, New Hope’s Liu Says -Ukraine Exported 13 Million Tons of Grains in July-February -Ukraine to Boost Soybean Output to Meet Demand, Researcher Says -Belarus May Ban Import of Ukrainian Corn, Oils, Ministry Says -Vietnam’s First-Quarter Rice Exports May Fall 44% to 1 Mln Tons -Palm Oil Declines for Second Day on Concern Demand Is Slowing -Argentine Grain Port Workers End Strike, Operators’ Group Says -Wahaha Says Profit May Rise More Than 40%, Seeks Overseas Milk -Warm Weather Expected to Cut Into U.S. Energy Use This Week -Glencore Says Cotton to Be Priced on Quarterly Basis After Loss TOP ECONOMIC AND GOVERNMENT NEWS: -Stocks Fall on China, Europe Growth as Yen Gains; Oil Advances -China Cuts GDP Target as Wen Seeks Sustainable Growth: Economy -China Faces Rising Pressure From Wages, Land Costs, NDRC Says -Euro-Area Services Output Declines More Than Estimated: Economy -Europe’s Junk Borrowers Tap U.S. at Record Pace: Credit Markets -EU Leaders Must Get Past Debt Swap Before Turning Page -Intervention Sought in Asia on Record Start of Currencies -Currency-War Escalation Signals Deeper Rate Cut: Brazil Credit -Obama Stresses Resolve on Iran Before Netanyahu Meeting 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
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