Wheat Futures Called Lower as Rain Aids U.S. Crop; Corn, Soy May Decline

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

-- Wheat futures may open 2 cents to 4 cents a bushel lower on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that rain next week from Texas to Nebraska will boost soil moisture for winter crops, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview.

-- Corn futures are called to open down 2 cents to 3 cents a bushel in Chicago on signs that U.S. farmers have stepped up sales after spot prices jumped to the highest in almost three months, Schultz said.

-- Soybean futures may open 3 cents to 5 cents a bushel lower on the CBOT as the rally to a five-month high this week encouraged more sales by U.S. farmers, Schultz said. Rains stabilized yields in dry areas of South America. Soybean-oil futures are expected to open 0.3 cent to 0.4 cent a pound lower, and soybean-meal futures may open steady to $1 lower per 2,000 pounds.

2 p.m. USDA daily cattle & hog slaughter

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                              Last      %Chg
Corn                         $6.5075    -0.5
CBOT Wheat                   $6.615     -0.4
Soybeans                     $13.1775   -0.4
Soybean Oil                  $0.5385    -0.8
Soybean Meal                 $355.30    -0.1
WTI Crude Oil                $107.74    -1.0
N.Y. Gasoline                $3.3002    -1.5
U.S. Dollar Index            79.347      0.7
S&P 500                      1,371.86   -0.2

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Whitney McFerron in Chicago at wmcferron1@bloomberg.net.

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

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