Corn, Soy May Open Lower as China Curbs Prices; Wheat May Rally

Nov. 17 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 5 cents to 10 cents a bushel lower on the Chicago Board of Trade on concern that plans to curb inflation and crack down on speculative trading will reduce demand in China, the biggest consumer, said Roy Huckabay, an executive vice president for the Linn Group in Chicago. Soybean- meal futures may open $1 to $2 lower per 2,000 pounds, and soybean oil is expected to open down 0.6 cent to 0.7 cent a pound.

-- Corn futures are called steady to 3 cents a bushel lower in Chicago on concern that plans by China and Europe to crack down on speculation in agricultural commodities will reduce investment demand, Huckabay said. Demand improved after prices fell to a five-week low earlier today, he said.

-- Wheat futures may open 7 cents to 10 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather reduced this year’s crops in Australia and Canada, increasing demand for supplies from the U.S., the biggest exporter, Huckabay said.

(Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=axogn4BwQTFo)