Bloomberg News

Corn, Soybeans Called Higher on Dry Weather; Wheat May Decline

May 31, 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 CBOT because of dry weather in the past weeks in parts of the U.S. Midwest, including Iowa and Illinois, the biggest growers, Dave Marshall, a farm-marketing adviser at Toay Commodity Futures Group LLC in Nashville, Illinois, said in a telephone interview.

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

-- Wheat futures may open steady to 1 cent a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the harvest progresses in the U.S. Plains, boosting supplies, Marshall 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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