Corn, Soybeans Called Lower on U.S. Planting; Wheat May Rise

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

-- Corn futures are called to open 3 cents to 5 cents a bushel lower on the Chicago Board of Trade on speculation that drier weather this week in the U.S. Midwest will allow farmers to use planting equipment in fields after rain and muddy conditions caused two weeks of delays, said Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago.

-- Soybean futures may open 3 cents to 5 cents a bushel lower in Chicago on speculation that investors will slow purchases because of increased market volatility and prospects for drier weather in the Midwest, Grow said. Soybean-oil futures are expected to open 0.2 cent to 0.3 cent a pound lower, and soybean-meal futures may open down $1 to $2 for 2,000 pounds.

-- Wheat futures may open 2 cents to 4 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that dry weather will damage winter crops in the U.S. Great Plains and western Europe, while wet, cold conditions delay planting of spring varieties in Canada and the northern U.S. Plains, Grow said.

(Source: http://www.bloomberg.com/news/2011-05-02/corn-soybeans-called-lower-on-u-s-planting-wheat-may-rally.html)