Bloomberg News

Grains, Soybeans Called to Open Higher on Global Weather Woes

July 11, 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 are called to open 1 cent to 3 cents a bushel higher on speculation that daily yield losses will continue without widespread rain in the U.S. Midwest in the next 10 days, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Soybean futures may open 2 cents to 3 cents a bushel higher on forecasts for persistent dry U.S. weather, increasing stress on plants as they begin to reproduce, Roose said.

-- Wheat futures may open 1 cent to 3 cents a bushel higher as dry weather forecast in parts of Russia, Ukraine and Kazakhstan may reduce production and increase export demand for U.S. supplies, Roose 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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