Corn, Soybean, Wheat Prices May Decline on Beneficial Weather in Americas

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 as rain in the next four days in parts of Brazil and Argentina aids crops after dry weather reduced soil moisture this month, Chad Henderson, a market analyst at Prime Agricultural Consultants Inc. in Brookfield, Wisconsin, said in a telephone interview.

-- Soybean futures may open 5 cents to 7 cents a bushel lower on speculation that rain may improve conditions for developing crops in South America, Henderson said. Soybean-oil futures are expected to open steady to 0.05 cent a pound lower, and soybean- meal futures may open $2 to $3 lower per 2,000 pounds.

-- Wheat futures may open 3 cents to 5 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rain and snow this week improved yield potential in the U.S. Great Plains after farmers planted crops in dry soils from September to November, Henderson said.

WHAT TO WATCH: (ALL TIMES NEW YORK)
10:30 a.m. U.S. DOE crude, gasoline, distillate inventories
10:30 a.m. U.S. DOE refinery utilization, product implied demand
2 p.m.     USDA daily hog and cattle slaughter report
3 p.m.     USDA weekly broiler egg set, chick placed report

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MARKETS (AS OF 9:50 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.0325    -0.6
CBOT Wheat                   $6.0325    -0.7
Soybeans                     $11.48     -0.6
Soybean Oil                  $0.4977     0.04
Soybean Meal                 $296.70    -0.8
WTI Crude Oil                $97.72      0.5
N.Y. Gasoline                $2.5833     0.2
U.S. Dollar Index            79.948      0.1
S&P 500                      1,234.92   -0.5

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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