Bloomberg News

Corn, Soybeans May Open Higher as U.S. Crops Face Hotter Weather

June 10, 2012

What follows are opening calls for U.S. grain and oilseed markets, which open on the Chicago Board of Trade at 6 a.m. Singapore time.

-- Corn futures may open 4 cents to 5 cents a bushel higher on the CBOT as demand remains strong, while hot weather threatens to parch the crop in the U.S., the world’s largest grower and exporter of the grain, according to an e-mail from Chung Yang Ker, an analyst at Phillip Futures Pte.

-- Soybean futures may open steady to 2 cents to 3 cents a bushel higher in Chicago as parts of the Midwest, the largest U.S. growing region, are forecast to face hotter weather, potentially hurting yields, Ker said. Prices may also rise on speculation China may introduce more economic stimulus, improving investor risk appetite, he said.

-- Wheat futures may open 2 cents to 3 cents lower as global stockpiles are high enough to offset forecast crop damage in Russia, Ker said.

To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net


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