Bloomberg News

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

June 12, 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 3 cents to 4 cents a bushel higher on the Chicago Board of Trade as dry weather curbs crop conditions, Louise Gartner, the owner of Spectrum Commodities in Beavercreek, Ohio, said by telephone. Little or no rain fell in parts of Iowa and Illinois, the biggest U.S. growers of corn and soybeans, in the past week, the National Weather Service said in a report today.

-- Soybean futures may open up 5 cents to 10 cents a bushel in Chicago because of the dry weather in Iowa and Illinois the past week, Gartner said. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent higher per pound, and soybean-meal futures may open $2 to $4 higher per 2,000 pounds.

-- Wheat futures may open 5 cents to 6 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as dry weather in Russia, expected to be the fourth-biggest exporter of the grain, and Ukraine curbs crop production, Gartner 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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