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Soy, Corn May Rise on Weather Concerns; Wheat Called Higher

Dec. 16 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade as dry weather and forecasts for warmer temperatures in Argentina and Brazil erode crop prospects, Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis, said in a telephone interview. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Corn futures were called to open steady to 2 cents a bushel higher in Chicago as dry weather threatens yields in South America and South Africa, Schultz said.

-- Wheat futures may open 2 cents to 4 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as the dollar’s decline enhances the appeal of U.S. exports and boosts investor demand, Schultz said.

WHAT TO WATCH: (ALL TIMES NEW YORK)

1 p.m. Baker Hughes weekly U.S. energy-rig count
2 p.m. USDA cattle, hog slaughter
3 p.m. USDA cattle on feed report
3:30 p.m. US CFTC commitment of traders report

TOP COMMODITY STORIES:
-U.S. Exporters Sell 205,232 Tons of Corn to Japan, USDA Says
-Ukraine Grain Export More Than Doubled Last Month on Corn
-Russia Exported 10.8 Million Tons of Wheat, Meslin in 10 Months
-Palm Oil Gains as Dry Weather May Cut South American Soybeans
-Wheat Sowing in India Climbs to 24.4 Million Hectares
-China 2011 Corn Imports May Decline to 1.3 Million Tons
-Cotton Imports by China May Rise From 10-Month High on Prices

TOP ECONOMIC AND GOVERNMENT NEWS:
-U.S. Stocks Advance Amid Optimism on Funding for Crisis Package
-Consumer Prices in U.S. Stagnate as Gasoline Costs Decrease
-Monti’s Budget Package Wins Confidence Vote by Wide Margin
-Cash-Strapped Banks Struggle to Trade Trashed Bonds: EU Credit
-Dudley Doesn’t See Additional Fed Action Against Europe Crisis
-Voter Pessimism on Economy May Blunt Obama’s Better Job Picture



MARKETS (AS OF 9:49 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $5.7975     0.1
CBOT Wheat                   $5.82       0.5
Soybeans                     $11.2575    0.4
Soybean Oil                  $0.4948     0.2
Soybean Meal                 $288.00     0.6
WTI Crude Oil                $93.80    -0.07
N.Y. Gasoline                $2.5045     0.7
U.S. Dollar Index            80.256    -0.08
S&P 500                      1,223.31    0.6

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

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