Corn, Soybeans Called Higher as Drought Persists; Wheat May Rise

What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.

-- Corn futures may open 2 cents to 3 cents a bushel higher as a drought that covers 78 percent of U.S. growing areas will persist through the rest of the summer, Matt Ammermann, an analyst at INTL FCStone in Minneapolis, said in a telephone interview.

-- Soybean futures may open up 4 cents to 5 cents a bushel because of the hot, dry weather, Ammermann said. Soybean-oil futures are expected to open 0.2 cent to 0.3 cent a pound lower, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Wheat futures may open 2 cents to 3 cents a bushel higher as drought in the U.S. and dry weather in Australia and Russia may curb production, Ammermann said.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net.

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