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Wheat, Soybeans Called to Open Higher on Dry Weather Concerns

What follows are opening calls for U.S. grain and oilseed markets, which open on the Chicago Board of Trade at 6 a.m. Singapore time.

-- Corn futures may open 5 cents to 7 cents a bushel higher on the CBOT after U.S. economic data surpassed estimates last week and expectations that the U.S. Department of Agriculture will cut its estimate for corn yields this week, according to Paul Deane, an analyst at Australia & New Zealand Banking Group Ltd. (ANZ)

-- Soybean futures may open 7 cents to 10 cents a bushel higher on significant dryness in the Midwest and an unfavorable weather outlook over the next 10 days, he said in an e-mail.

-- Wheat futures may open 7 cents to 10 cents a bushel higher as drought in Russia and the weakest Indian monsoon in three years threatens to curb production, Deane said.

To contact the reporter for this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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