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Wheat Called Higher on Australia; Soy, Corn May Rise

Dec. 3 (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 high-quality U.S. grain will improve as rains damage crops in Australia, said Jeff Thompson, a broker for ABN Amro Clearing LLC in Chicago.

-- Soybean futures may open 7 cents to 10 cents a bushel higher on the CBOT on speculation that a weaker U.S. job market will cause the dollar to fall, making American supplies more attractive to overseas buyers, Thompson said. Soybean-meal futures may open $2 to $3 higher per 2,000 pounds, and soybean oil is expected to open up 0.2 cent to 0.3 cent a pound.

-- Corn futures are called to open 6 cents to 8 cents a bushel higher in Chicago as demand improves and a weaker dollar boosts the investment appeal of commodities as a hedge against inflation, Thompson said.

To contact the reporter 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: Steve Stroth at sstroth@bloomberg.net.

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