Bloomberg News

Wheat Called Higher on Russia Dry Weather; Soy, Corn Seen Steady

August 06, 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.

-- Wheat futures may open 1 cent to 2 cents higher on speculation that the Russian crop is deteriorating because of dry weather, Louise Gartner, the owner of Spectrum Commodities in Beavercreek, Ohio, said by telephone.

-- Soybean futures are called to open steady after a government report showed U.S. crop conditions were unchanged from a week earlier, snapping eight weeks of declines, Gartner said. Soybean-oil futures may open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open steady to $1 higher per 2,000 pounds.

-- Corn futures may open steady as the U.S. Department of Agriculture said 23 percent of the crop was rated good to excellent as of yesterday, meeting analysts expectations, 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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