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Corn May Advance on Adverse Chinese Weather; Soybeans, Wheat Seen Higher

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

-- Corn futures are called to open 1 cent to 2 cents a bushel higher on the Chicago Board of Trade on speculation that warm, dry weather in China may damage crops after rains delayed planting in May, said Jason Ward, a market analyst at Northstar Commodity Investment Co. in Minneapolis.

-- Soybean futures may open steady to 1 cent higher after U.S. farmers halted sales following a price slump to a seven-week low, Ward said. Soybean-meal futures may open 20 cents to 50 cents higher per 2,000 pounds, and soybean oil is expected to open steady to 0.1 cent a pound higher.

-- 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 after early harvest yields were below estimates by growers, Ward said.

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Tony Dreibus in Chicago at tdreibus@bloomberg.net.

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