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Corn, Soy May Open Higher on Dry Weather Threat; Wheat May Gain

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

-- Corn futures are called to open 2 cents to 3 cents a bushel higher on the Chicago Board of Trade on speculation that overnight rain in northwestern Argentina failed to bring relief to crops after hot, dry weather reduced soil moisture earlier this month, Jason Ward, a market analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

-- Soybean futures may open 3 cents to 4 cents a bushel higher on the CBOT on speculation that rain forecast for Brazil during the next three days will miss the driest growing regions, worsening crop conditions, Ward said. Soybean-oil futures are expected to open 0.2 cent to 0.25 cent a pound higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Wheat futures may open steady to 1 cent a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that demand will increase for the grain in livestock rations as higher corn prices encourage substitution, Ward said.

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MARKETS (AS OF 9:38 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.1725     0.1
CBOT Wheat                   $6.17      unch
Soybeans                     $11.655     0.2
Soybean Oil                  $0.5001     0.4
Soybean Meal                 $303.70     0.3
WTI Crude Oil                $99.49      0.8
N.Y. Gasoline                $2.6252     0.2
U.S. Dollar Index            80.038      0.02
S&P 500                      1,248.38    0.4

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

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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