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

Dec. 2 (Bloomberg) -- 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.

-- U.S. exporters sold 238,000 metric tons of corn to unknown buyers and 135,128 tons of the grain to Japan, the U.S. Department of Agriculture said. {NXTW NSN LCT0826KLVR7 <GO>}

-- Applications to begin receiving unemployment benefits in the U.S. rose more than forecast last week, indicating the labor market will take time to improve. {NXTW NSN LCSZMV1A74E9 <GO>}

-- European Central Bank President Jean-Claude Trichet said the ECB will delay its withdrawal of emergency liquidity measures to combat “acute” market tensions. {NXTW NSN LCSZD06JIJVI <GO>}

-- Stocks rose and the euro weakened after European Central Bank President Jean-Claude Trichet said the bank will delay its withdrawal of stimulus measures and sales at U.S. retailers from Abercrombie & Fitch Co. to Limited Brands Inc. topped estimates. Spanish bonds gained. {NXTW NSN LCT2P807SXKX <GO>}

-- Derivatives traders are the most concerned since June that European leaders will fail to address the crisis engulfing the region’s single currency, causing losses for financial companies. {NXTW NSN LCSSUP0UQVI9 <GO>}

-- More than half of the wheat crop from Australia’s Queensland state may deteriorate to feed grade following heavy rain, tightening milling-quality supplies. {NXTW NSN LCSMXU0D9L37 <GO>}

-- China’s Ministry of Commerce urged local governments to set up stockpiles of key products including vegetables, pork and sugar. {NXTW NSN LCSLDM6TTDS0 <GO>}

-- China’s measures to curb increases in vegetable prices had an “initial effect,” the National Development and Reform Commission said. {NXTW NSN LCS1MD6S972B <GO>}

-- China’s National Development and Reform Commission asked some producers not to raise cooking-oil prices in the next four months, the China Business News reported. {NXTW NSN LCRZDH6K50Y2 <GO>}

-- Vegetable prices fell 5.9 percent on average across 36 cities in China in the week ended Nov. 28 from a week earlier, the National Development and Reform Commission said. {NXTW NSN LCSK8R6JIJV0 <GO>}

-- China’s Heilongjiang province will auction 246,000 tons of soybeans from provincial reserves tomorrow, the Harbin National Grain Trade Center said. {NXTW NSN LCSAUH6TTDS5 <GO>}

-- China will extend tariffs imposed yesterday on the export of fertilizer until June, the China Daily reported today, citing Yuan Junhong, the secretary general of the China Chemical Mining Association. {NXTW NSN LCRWH76S972F <GO>}

-- The U.S. International Trade Commission decided to maintain an anti-dumping tax on wooden bedroom furnishings imported from China, the Ministry of Commerce in China said. {NXTW NSN LCS4KG6K50XU <GO>}

-- Palm-oil futures in Kuala Lumpur extended a rally to the highest in two years on speculation that the global demand for vegetable oils will surpass demand. {NXTW NSN LCSRPM6S972A <GO>}

-- Palm-oil exports from Indonesia may be $14 billion to $15 billion, matching last year’s figure, depending on shipments recorded in December, said Mahendra Siregar, the country’s deputy trade minister. {NXTW NSN LCS8716TTDS8 <GO>}

-- Global demand for palm oil is growing at 7 percent to 11 percent a year, said Bayu Krisnamurthi, the deputy agriculture minister in Indonesia. {NXTW NSN LCS49Q6TTDS0 <GO>}

-- New Zealand’s largest dairy-farming region may face a summer drought for a second year, slowing the nation’s economic recovery and pushing up global milk prices. {NXTW NSN LCS2Y61A74E9 <GO>}

-- Indonesia agreed to buy 230,000 metric tons of rice from Thailand to bolster stockpiles, according to the state food company Bulog. {NXTW NSN LCSEBS0D9L35 <GO>}

-- China’s Guangxi region produced 302,000 tons of “mixed” sugar from the beginning of the current crushing season to Nov. 30, a decline of 167,800 tons from a year earlier, Guangxi Sugar Market Net said. {NXTW NSN LCSNGJ6TTDSW <GO>}

To contact the reporters on this story: Jeff Wilson in Chicago at; Whitney McFerron in Chicago at

To contact the editor responsible for this story: Steve Stroth at

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