Bloomberg News

Corn, Soy Called to Open Lower as U.S. Rain Seen; Wheat May Fall

June 26, 2012

What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 2 cents to 3 cents a bushel lower on the Chicago Board of Trade as new forecasts showed a little more rain and cooler temperatures than earlier in the day, which may ease stress on some Midwest crops, Jerrod Kitt, the research director for the Linn Group in Chicago, said in a telephone interview.

-- Soybean futures may open steady to 2 cents a bushel lower in Chicago on the U.S. weather forecast and on reduced demand after prices rallied 5.5 percent this month, Kitt said.

-- Wheat futures may open steady to 2 cents a bushel lower on the CBOT on speculation that a 16 percent surge in prices this month, the biggest gain among 24 commodities tracked by the Standard & Poor’s GSCI Spot Index, will slow global demand for supplies from the U.S., Kitt said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

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


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