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Corn, Soybeans, Wheat Called Lower on Global Weather

Oct. 1 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Corn futures are called to open 5 cents to 8 cents a bushel lower on the Chicago Board of Trade after the U.S. government yesterday said inventories from last year’s crop rose unexpectedly, said Terry Reilly, a market analyst for CitiGroup Global Markets Inc. in Chicago. Dry weather also will aid harvesting next week, boosting supplies, he said.

-- Soybean futures may open 5 cents to 8 cents a bushel lower in Chicago after rain this week boosted soil moisture for planting in Brazil and Argentina, Reilly said. Soybean-meal futures may open $1.50 to $2.50 lower per 2,000 pounds, and soybean oil is expected to open down 0.05 cent to 0.15 cent a pound.

-- Wheat futures may open 2 cents to 4 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as rains improve soil moisture for seeding in Russia, Ukraine and Kazakhstan and dry weather aids harvesting in Canada, Reilly said.

-- U.S. exporters sold 110,497 metric tons of soybeans to China for delivery in the year that began Sept. 1, the U.S. Department of Agriculture said. {NXTW NSN L9M4416VDKHW <GO>}

-- U.S. stocks rose, adding to the biggest September rally since 1939, as American personal spending topped estimates and Chinese manufacturing accelerated. {NXTW NSN L9M5V61A1I4J <GO>}

-- World food prices rose to a two-year high in September as costs for grain and sugar surged, the United Nations’ Food and Agriculture Organization said. {NXTW NSN L9LXSG1A1I4H <GO>}

-- Commodities are becoming a more-preferred asset, according to a survey by Morgan Stanley. {NXTW NSN L9LLZ06JTSE8 <GO>}

-- Gold climbed to a record on demand for an alternative to the slumping dollar. Silver approached a 30-year high. {NXTW NSN L9LXG90UQVI9 <GO>}

-- Consumer spending in the U.S. rose more than forecast in August as incomes climbed, bolstering the Federal Reserve’s forecast that the world’s largest economy will keep expanding at a “modest” pace. {NXTW NSN L9M2Q03T6SR7 <GO>}

-- The dollar will fall 10 percent by December against the euro, extending the biggest quarterly loss since 2002, as Asian and South American central banks sell greenbacks for Europe’s common currency, Faros Trading LLC said. {NXTW NSN L9LK1007SXKX <GO>}

-- Treasury Secretary Timothy F. Geithner played down the danger of a trade war over China’s currency policy after U.S. lawmakers took a step toward approving a bill designed to protect against Chinese imports. {NXTW NSN L9LGJ807SXKX <GO>}

-- Ukraine aims to export 12 million tons of grain in the season that started July 1, Agriculture Minister Mykola Prysyazhnyuk said. {NXTW NSN L9M04Z07SXKX <GO>}

-- Russian farmers have gathered 60.1 million tons of grain as of today and may reap 3 million more by the end of the harvest, Agriculture Minister Yelena Skrynnik said. {NXTW NSN L9LWC06TTDS6 <GO>}

-- Russian First Deputy Prime Minister Viktor Zubkov said it would be “inappropriate” to raise the issue of resuming grain exports before July 1, RIA Novosti reported. {NXTW NSN L9LSZQ6TTDS0 <GO>}

-- Wheat output in Western Australia, the nation’s largest growing-state, may drop 45 percent from last season because of inadequate rain, a farm group said. {NXTW NSN L9LJ2Y07SXKX <GO>}

-- Palm-oil futures advanced in Malaysia, capping the fifth straight weekly gain, amid an increase in demand from the largest consumers of the tropical commodity. {NXTW NSN L9LYFS0UQVI9 <GO>}

-- Crude oil rose, heading for the biggest weekly gain since April, after economic data from the U.S. and China bolstered optimism that fuel demand is climbing. {NXTW NSN L9M1VE6JIJUR <GO>}

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net. Whitney McFerron in Chicago at wmcferron1@bloomberg.net.

To contact the editor responsible for this story: at sstroth@bloomberg.net.

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