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Corn, Wheat Called to Open Higher on Demand Prospects; Soybeans May Drop

January 23, 2012


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

-- Corn futures are called to open steady to 1 cent a bushel higher on the Chicago Board of Trade on signs that demand is increasing for U.S. exports after prices tumbled last week, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.

-- Wheat futures may open 1 cent to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that shipments from the U.S. will increase after prices slid to a one-month low this week, Roose said.

-- Soybean futures may open 3 cents to 5 cents lower on the CBOT as rain was forecast this weekend in South America, improving prospects for crops hurt by dry weather, Roose said. Soybean-oil futures are expected to open 0.25 cent to 0.3 cent a pound lower, and soybean-meal futures may open 50 cents to $1 lower per 2,000 pounds.

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