Grains, Soybeans May Rise on Prospect for Smaller Crop Forecasts

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

-- Corn futures are called to open steady to 2 cents a bushel higher on speculation that the U.S. Department of Agriculture will reduce its forecast of this year’s drought-damaged domestic crop, Dave Marshall, a farm marketing adviser for Toay Commodity Futures Group LLC in Nashville, Illinois, said by telephone.

-- Wheat futures may open steady to 2 cents a bushel higher on speculation that the USDA will cut overseas production forecasts and raise demand estimates for U.S. supplies, Marshall said.

-- Soybean futures may open steady to 2 cents a bushel higher on speculation that the worst drought in more than 50 years damaged more of the U.S. crop than forecast a month ago, Marshall 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