Corn, Wheat Called to Open Lower as Demand Slows; Soybeans May Extend Gain

What follows are opening calls for U.S. grain and oilseed markets.

— Corn futures are called to open 1 cent to 3 cents a bushel lower on the Chicago Board of Trade on speculation that demand will slow after a 69 percent rally in prices during the past year and an unexpected drop in U.S. personal income, Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

— Wheat futures may open 2 cents to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as rising production in Russia, Ukraine and India reduces demand for supplies from the U.S., the world’s largest exporter, Schultz said.

— Soybean futures may open 1 cent to 3 cents a bushel higher in Chicago after a government report showed hot, dry weather eroded conditions of the U.S. crop for a third consecutive week, Schultz said. Soybean-oil futures are expected to open steady to up 0.1 cent a pound, and soybean-meal futures may open steady to $1 lower for 2,000 pounds.

http://www.bloomberg.com/news/2011-08-02/corn-wheat-called-to-open-lower-as-demand-slows-soybeans-may-extend-gain.html