Bloomberg News

Soybeans, Wheat, Corn Called to Open Higher on Weather

May 15, 2012

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

-- Soybean futures may open 16 cents to 20 cents a bushel higher on the Chicago Board of Trade on speculation that warmer, drier weather than normal this month will deplete U.S. soil moisture and hurt crop yields, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. Soybean-oil futures are expected to open 0.4 cent to 0.5 cent a pound higher, and soybean-meal futures may open $7 to $8 higher per 2,000 pounds.

-- Wheat futures may open 7 cents to 10 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after a government report yesterday showed a drop in U.S. crop conditions, while dry weather threatens crops in parts of Russia and the Ukraine, Grow said.

-- Corn futures are called to open 4 cents to 6 cents a bushel higher in Chicago after last week’s drop to the lowest in seven months spurs increased demand for the grain, Grow said.

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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