Bloomberg News

Corn, Soybeans Called to Open Higher on Hot, Dry Weather in U.S.

July 29, 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 2 cents to 3 cents a bushel higher on the CBOT on forecasts of hot and dry conditions across most of the U.S. Midwest in the near term, while some crops have already been damaged by drought, said Ker Chung Yang, an analyst at Phillip Futures Pte.

-- Soybean futures may open 4 cents to 5 cents a bushel higher as continued drought in the U.S. threatens crops, he said in an e-mail.

-- Wheat futures may open 2 cents to 3 cents a bushel higher on concerns production in Russia may be lower than forecast after dry weather and amid slow crop development in the U.K., 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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