Bloomberg News

Corn, Soybeans Called to Open Higher as Midwest Drought Persists

July 22, 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 to 7 cents a bushel higher on the CBOT as forecasts for dry weather in the U.S. Midwest boosts concerns that drought will threaten yields, said Paul Deane, an analyst at Australia & New Zealand Banking Group Ltd. (ANZ)

-- Soybean futures may open 7 cents to 10 cents a bushel higher as the persistent Midwest drought threatens to curb output in the world’s biggest grower, Deane said in an e-mail.

-- Wheat futures may open 3 cents a bushel higher on expectations corn and soybean prices will advance, he said.

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

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net


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