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Wheat Called Higher on Supply Woes; Corn, Soy Seen Up

What follows are opening calls for U.S. grain and oilseed markets.

-- Wheat futures may open 7 cents to 10 cents a bushel higher on the Chicago Board of Trade, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that demand for U.S. supplies will increase as rains damage crops in Australia, said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa.

-- Soybean futures may open 7 cents to 8 cents a bushel lower on the CBOT amid speculation that the debt crisis in Europe will spread, damping the global economy and demand for U.S. crops, Roose said. Soybean-meal futures may open $2 to $3 lower per 2,000 pounds, and soybean oil is expected to open down 0.15 cent to 0.25 cent a pound.

-- Corn futures are called to open 3 cents to 4 cents a bushel lower in Chicago on speculation that demand will ease after yesterday’s 4.1 percent rally, Roose said.

-- Stocks rose and the euro weakened after European Central Bank President Jean-Claude Trichet said the bank will delay its

-- Derivatives traders are the most concerned since June that

-- More than half of the wheat crop from Australia’s Queensland

-- China’s National Development and Reform Commission asked some

-- Vegetable prices fell 5.9 percent on average across 36 cities

-- China will extend tariffs imposed yesterday on the export of

-- The U.S. International Trade Commission decided to maintain

-- Palm-oil exports from Indonesia may be $14 billion to $15

-- New Zealand’s largest dairy-farming region may face a summer

-- China’s Guangxi region produced 302,000 tons of “mixed”

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