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Corn, Soy Called Higher on U.S. Crop Outlook; Wheat May Gain

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

-- Corn futures are called to open 12 cents to 15 cents a bushel higher on the Chicago Board of Trade after a government report yesterday showed U.S. crop conditions worsened last week, Jim Gerlach, the president of A/C Trading Inc. in Fowler, Indiana, said in a telephone interview. Hot, dry weather this week will increase the stress on plants, he said.

-- Soybean futures may open 10 cents to 15 cents a bushel higher in Chicago on speculation that hot, dry weather will continue next month, when plants in the U.S. begin to set pods and fill them with beans, Gerlach said. Soybean-oil futures are expected to open 0.45 cent to 0.65 cent a pound higher, and soybean-meal futures may open up $3 to $4 for 2,000 pounds.

-- Wheat futures may open 22 cents to 26 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather in parts of Europe, Russia and Ukraine may damage maturing crops, and that a return to La Nina weather conditions may reduce yield potential in the Southern Hemisphere later this year, Gerlach said.

-- European stocks rose from a seven-month low on International Business Machines Corp.’s profit forecast and Novartis AG’s

-- Growth in the U.S. will accelerate in the second half of the year as the world’s largest economy shakes off the temporary

-- European leaders are struggling to convince investors that

-- Gold may rise for a 12th day after touching a record in the longest winning streak in at least nine decades as debt concerns

-- Two weeks from a threatened default, U.S. House Republicans today plan to defy President Barack Obama’s promised veto by

-- World Bank President Robert Zoellick criticized President

-- U.S. exporters sold 110,000 metric tons of soybeans to

-- Supply strains caused by rising demand for soybeans from

-- African Swine Fever, a virus that kills pigs and for which

-- Russia’s meat and poultry production rose 3.8 percent to 4.6

-- Italy’s grain-import bill jumped 46 percent in the first four

-- A strike by workers at Argentina’s Agricultural Sanitary Agency has halted exports of grain and beef from ports in Buenos

-- Food-grain output in India, the world’s second-biggest

-- Canpotex Ltd., the North American cartel of potash producers, has no spare supply to sell to India this quarter and won’t

-- China, the world’s biggest consumer of vegetable oils, is

-- Zhongpin Inc., a China-based pork processor, said a report alleging it had overstated its 2010 revenues by 20 percent to 30

-- The price of Chinese piglets, young pigs bred for pork, rose 1.8 percent to 35.18 yuan per kilogram in the week ended July 13

-- Russia’s wheat sowing area declined 1 million hectares (2.47

-- Japan is seeking to buy 129,587 tons of milling wheat in a

-- Western Australia may produce more food grain than forecast

-- Ukraine will harvest 47.5 million tons of grain this year,

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