Bloomberg News

Corn, Soy Called to Open Higher on Dry Weather; Wheat May Gain

May 30, 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 may open 1 cent to 2 cents a bushel higher on the Chicago Board of Trade because of dry weather in parts of the U.S. Midwest including Iowa and Illinois, the biggest growers of the grain, in the past week, Jason Britt, the president of brokerage Central States Commodities Inc. in Kansas City, Missouri, said by telephone.

-- Soybean futures may open up 1 cent to 2 cents a bushel in Chicago on the lack of rain during the past week in the U.S., Britt said. Soybean-oil futures are expected to open steady to 0.1 cent higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Wheat futures may open 2 cents to 3 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that the price, which has dropped 3.9 percent on the CBOT in the past two days, will make the grain more attractive to users and speculative investors, Britt said.

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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