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Corn May Rise on China Weather; Soy, Wheat May Gain

June 2 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 1 cent to 2 cents a bushel higher on the Chicago Board of Trade on speculation that warm, dry weather in China may damage crops after rains delayed planting in May, said Jason Ward, a market analyst at Northstar Commodity Investment Co. in Minneapolis.

-- Soybean futures may open steady to 1 cent higher after U.S. farmers halted sales following a price slump to a seven-week low, Ward said. Soybean-meal futures may open 20 cents to 50 cents higher per 2,000 pounds, and soybean oil is expected to open steady to 0.1 cent a pound higher.

-- Wheat futures may open 1 cent to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange after early harvest yields were below estimates by growers, Ward said.

-- Developing-nation equities are probably “past the worst point” for the year because the global economy will avoid slipping back into recession, investor Antoine van Agtmael said. {NXTW NSN L3DABB07SXKX <GO>}

-- The Treasury will reduce the amount of notes and bonds it will sell next week by the most since global credit markets collapsed, according to a Bloomberg News survey. {NXTW NSN L3DV3N0D9L35 <GO>}

-- The yen weakened after Japanese Prime Minister Yukio Hatoyama quit. Stocks declined in Europe, led by energy companies, while U.S. equities gained. {NXTW NSN L3E3440UQVI9 <GO>}

-- Asian currencies traded near an eight-month low on concern that spending cuts by European nations battling to reduce budget deficits will slow a global recovery, forcing regional central banks to delay raising interest rates. {NXTW NSN L3DRQH0YHQ0X <GO>}

-- Iran’s central bank began the first phase of the 45 billion-euro ($55 billion) sale of some of its reserves for dollars, the state-run Jaam-e-Jam newspaper reported, citing people it didn’t identify. {NXTW NSN L3DYJB07SXKX <GO>}

-- Equities in China rose for the first time in four sessions as developers and brokerages gained on speculation that recent losses were excessive. {NXTW NSN L3DNXD0UQVI9 <GO>}

-- China’s 2009-2010 soybean imports may rise to 47.5 million metric tons from 41.1 million last year, said Shang Qiangmin, a director general at the China National Grain and Oils Information Center. {NXTW NSN L3DEUX6SETC4 <GO>}

-- China’s stockpiles of palm oil at ports have reached a record and were more than 800,000 metric tons at the end of May, said Wang Yinji, deputy general manager at Cofco Grain & Oils Corp. {NXTW NSN L3DC4Y6SETD9 <GO>}

-- China’s vegetable prices may extend a slump as supplies increase, the National Development and Reform Commission said. {NXTW NSN L3D5UF6SETC1 <GO>}

-- China will offer subsidies to rural financial institutions amounting to 2 percent of their average outstanding loan balances to encourage expansion in areas with limited access to financial services, the Ministry of Finance said. {NXTW NSN L3DQ8U6N9EDF <GO>}

-- The Philippines’ agriculture output may rebound in the second half amid government preparations for “really wet” La Nina weather, Agriculture Secretary Bernie Fondevilla said. {NXTW NSN L3DDE96TZ01T <GO>}

-- India’s monsoon, which accounts for four-fifths of the nation’s annual rains, will advance to more parts of southern India from June 5, Farm Secretary P.K. Basu said. {NXTW NSN L3DVC46SETC9 <GO>}

-- Palm oil may fall to less than $800 a metric ton should crude oil slide to below $70 a barrel, said James Fry, a managing director at LMC International. {NXTW NSN L3D9LX0YHQ0X <GO>}

-- Palm-oil futures on the Malaysia Derivatives Exchange rose for the second straight day on optimism that crude oil may find support at $70. {NXTW NSN L3DX1S1A74E9 <GO>}

-- Milk-powder prices fell for a second month as drought eased in New Zealand and supplies increased in Europe and the U.S., Fonterra Cooperative Group Ltd. said. {NXTW NSN L3CVQ20YHQ0X <GO>}

-- Crude oil fluctuated as the euro traded near a four-year low against the dollar, reducing the appeal of commodities to investors, and U.S. equities climbed. {NXTW NSN L3E33T0D9L35 <GO>}

-- Gold dropped as the euro’s decline against the dollar stalled. {NXTW NSN L3DZMZ07SXKX <GO>}

-- BP Plc’s failure to stop an oil leak from spewing millions of gallons of crude into the Gulf of Mexico may leave the biggest oil and gas producer in the U.S. in a fight to stay independent. {NXTW NSN L3DWDI0UQVI8 <GO>}

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net; Tony 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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