Bloomberg News

Corn, Wheat Called to Open Higher on Crop Ratings; Soy Mays Rise

May 29, 2012

What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.

-- Corn futures are called to open 3 cents to 5 cents a bushel higher on the CBOT after the U.S. Department of Agriculture reported a drop in crop conditions after the close of pit trading in Chicago, Mike Zuzolo, the president of Global Commodity Analytics & Consulting in Lafayette, Indiana, said by telephone. The USDA said 72 percent of the crop was rated good or excellent as of yesterday, down from 77 percent a week earlier.

-- Wheat futures may open 3 cents to 5 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the USDA report showed declining conditions of winter varieties in the southern Great Plains, Zuzolo said. The department said 54 percent of the crop received the top two ratings, down from 58 percent a week earlier.

-- Soybean futures may open 1 cent to 2 cents a bushel higher in Chicago as equities gain, improving the demand outlook for raw materials, Zuzolo said. Soybean-oil futures are expected to open 0.3 cent to 0.5 cent higher, and soybean-meal futures may open $3 to $4 higher per 2,000 pounds.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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