Bloomberg News

Corn, Soy Called Higher as Crop Ratings Slide; Wheat May Climb

July 09, 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 10 cents to 15 cents a bushel higher on the Chicago Board of Trade after the U.S. Department of Agriculture said crop conditions worsened for the fifth straight week, said Louise Gartner, the owner of Spectrum Commodities Inc. in Beavercreek, Ohio.

-- Soybean futures may open up 20 cents to 25 cents a bushel in Chicago after crop conditions deteriorated, Gartner said. Soybean-oil futures are expected to open 0.5 cent to 0.8 cent a pound higher, and soybean-meal futures may open $4 to $6 higher per 2,000 pounds.

-- Wheat futures may open 5 cents to 10 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange, after conditions of the spring crop worsened, 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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