Corn, Wheat Called to Open Lower on Inventory Gain; Soybean Price May Rise

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

-- Corn futures are called to open 2 cents to 4 cents a bushel lower on the Chicago Board of Trade after the U.S. government said increased production later this year will double reserves before the start of the harvest in 2013, Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

-- Wheat futures may open 4 cents to 6 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after the U.S. Department of Agriculture forecast that a larger domestic crop and rising world supplies will boost stockpiles before the 2013 harvest to the highest in three years, Schultz said.

-- Soybean futures may open 2 cents to 4 cents a bushel higher on the CBOT after the USDA said rising global demand will erode U.S. reserves before the 2013 harvest to the smallest in three years, Schultz said. Soybean-oil futures are expected to open 0.1 cent a pound lower to 0.1 cent higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

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MARKETS (AS OF 9:55 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $6.385     -0.6
CBOT Wheat                   $6.3675    -0.7
Soybeans                     $12.845     0.1
Soybean Oil                  $0.5451    -0.1
Soybean Meal                 $336.60     0.4
WTI Crude Oil                $108.67     0.8
N.Y. Gasoline                $3.1141     0.02
U.S. Dollar Index            78.377     -0.6
S&P 500                      1,366.25    0.2

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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