Corn Called to Open Lower as Rain Aids Crops; Wheat, Soy Steady

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 1 cent to 2 cents a bushel lower as rain forecast through the end of the week in northern and southeastern parts of the U.S. Midwest may relieve crops from the worst drought since 1956, Dave Marshall , a farm-marketing adviser at Toay Commodity Futures Group LLC in Nashville, Illinois, said in a telephone interview.

-- Soybean futures may open steady to 1 cent a bushel lower because of the forecast for rain, Marshall said. Soybean-oil futures may to open 0.1 cent to 0.2 cent a pound lower, and soybean-meal futures may open little changed to $1 lower per 2,000 pounds.

-- Wheat futures may open steady to 1 cent a bushel lower on rain in the northern Great Plains, Marshall 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

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