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Soybeans, Grains May Open Lower on Beneficial U.S. Weather

May 7 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets.

-- Soybean futures may open 5 cents to 8 cents a bushel lower on the Chicago Board of Trade on speculation that warm, wet weather will boost early crop development in the U.S. Midwest as demand from importers wanes, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago said in a telephone interview. Soybean-meal futures may open down $2 to $4 per 2,000 pounds and soybean-oil futures are expected to open steady to 0.05 cent a pound higher.

-- Wheat futures may open 2 cents to 3 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as favorable weather boosts crops and on industry estimates that Kansas may have the biggest harvest since 2003, Grow said.

-- Corn futures are called to open steady to 2 cents a bushel lower in Chicago on speculation that weekend rains in the Midwest and forecasts for warmer weather this week will aid early crop development after planting during the past three weeks, Grow said.

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

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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