Bloomberg News

Soy Called to Open Higher on Smaller World Crop; Grains Steady

March 09, 2012

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

-- Soybean futures may open 3 cents to 7 cents a bushel higher on the Chicago Board of Trade after the U.S. Department of Agriculture reduced its estimates for global inventories and South American crops, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in telephone interview. Soybean-oil futures are expected to open 0.3 cent to 0.5 cent a pound higher, and soybean-meal futures may open up $1 to $2 per 2,000 pounds.

-- Wheat futures may open 2 cents a bushel lower to 2 cents higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as world inventories will remain at the second-highest level on record even after the government raised its forecast for global consumption and lowered its outlook for reserves, Roose said.

-- Corn futures are called to open 2 cents a bushel lower to 2 cents higher in Chicago after the USDA raised its estimate of world production, leaving adequate inventories before U.S. farmers begin harvesting a record crop, Roose said.

WHAT TO WATCH: (ALL TIMES NEW YORK)
 2:00 p.m. USDA Daily & Weekly Cattle & Hog Slaughter Estimates
 3:30 p.m. CFTC Weekly Commitments of Traders Report

TOP COMMODITY STORIES:
-World Wheat-Supply Estimate Cut on Rising Global Feed Demand
-Corn Supply Shrinking Slower as Rain Aids South American Crops
-World Soy-Inventory Estimate Cut on Smaller South America Crops
-Global Cotton-Output Forecast Raised on Pakistan, Brazil Crops
-Argentina Port Strike Delays Grain Shipments, La Nacion Says
-Europe Not Dry Enough to Hurt Grain Production, Bidwells Says
-Palm Oil Surges to Nine-Month High on Speculation Reserves Fell
-Morgan Stanley Lowers Cotton Price Estimate to 90 Cents a Pound
-India to Review Cotton-Export Ban as China Seeks Withdrawal
-Indian Cotton Ban Not Applicable for LEOs Issued to March 4
-Cities Grapple With Urban Farmers Who Slaughter Their Own Meat
-Gold Bulls Strengthen as Wagers Reach $131 Billion: Commodities
-Oil Price Distant From 1980s Agony When U.S. Income Adjusted
-Tocom to Discuss Alliance With CME Next Week, Ezaki Says


TOP ECONOMIC AND GOVERNMENT NEWS:
-Stocks Gain With Dollar as Treasuries Fall on Employment Growth
-Trade Deficit in U.S. Widens to Largest Since October 2008
-Payrolls in U.S. Climb 227,000; Jobless Rate Holds at 8.3%
-Dollar Rises as Jobs Gain Dims Prospects for More Fed Stimulus
-Draghi’s Oil Dilemma Risks Exacerbating Recession: Euro Credit
-China Data Signaling Slower Growth May Spur Stimulus: Economy
-China’s Bo Signals Wealth Gap Breached Unrest Trigger Point



MARKETS (AS OF 10:13 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.375     0.3
CBOT Wheat                   $6.3875    0.6
Soybeans                     $13.4775   0.7
Soybean Oil                  $0.5428    1.7
Soybean Meal                 $367.80    0.2
WTI Crude Oil                $107.33    0.7
N.Y. Gasoline                $3.3136   -0.01
U.S. Dollar Index            79.978     1.1
S&P 500                      1369.51    0.3

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus