Bloomberg News

Soybeans, Wheat May Open Lower on U.S. Rain; Corn Seen Down

August 16, 2012

What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.

-- Soybean futures may open 1 cent to 3 cents a bushel lower on speculation that U.S. yields will improve after parts of the Midwest received as much as 2 inches (5.1 centimeters) of rain in the past week with more forecast next week, Tim Hannagan a grain specialist at Alpari U.S. LLC in Chicago, said in a telephone interview.

-- Wheat futures may open 1 cent to 2 cents a bushel lower on speculation that rain in the next 10 days will aid depleted soil-moisture reserves for timely planting of winter grain in the southern U.S. Great Plains, Hannagan said.

-- Corn futures were called to open steady to 2 cents a bushel lower as U.S. export demand eases after prices jumped 60 percent in the past two months, Hannagan 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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