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Soybeans Called Higher on Rising Demand; Grains Seen 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.

-- Soybean futures are called to open 1 cent to 3 cents a bushel higher on signs of higher demand before a government report tomorrow that is forecast to show the smallest U.S. crop in five years, Sterling Smith, a commodity strategist at Citigroup Global Markets in Chicago, said in a telephone interview.

-- Corn futures may open 1 cent a bushel lower to 1 cent higher as traders weigh forecasts for the biggest August cut in U.S. production since 1974 against slowing demand after prices rose to a record, Smith said.

-- Wheat futures may open 1 cent a bushel lower to 1 cent higher on speculation that dry weather in Ukraine, Canada and the southern U.S. Great Plains may reduce production as a 51 percent jump in prices since June 1 slows overseas demand for U.S. supplies, Smith said.

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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