Bloomberg News

Corn, Soybeans May Open Lower After Prices Rally; Wheat Steady

July 08, 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 5 cents a bushel lower on the CBOT as the market consolidates after prices climbed 37 percent since June 15 and some rain over the weekend in growing regions, according to Paul Deane, an analyst at Australia & New Zealand Banking Group Ltd. (ANZ)

-- Soybean futures may open 5 cents a bushel to 7 cents a bushel lower after gaining 5.5 percent last week and reaching $15.29 on July 5, the highest price since July 2008, Deane said by phone from Melbourne.

-- Wheat futures may open steady on speculation dry weather in parts of the Black Sea may harm crops, he said.

To contact the reporter on this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net

To contact the editors responsible for this story: Jake Lloyd-Smith at jlloydsmith@bloomberg.net; Stephanie Phang at sphang@bloomberg.net


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