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Corn, Soybeans May Open Steady to Lower as Demand May Decline

July 17 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets, which open at 5 p.m. on the Chicago Board of Trade.

-- Corn futures may open steady to 2 cents a bushel lower as demand ebbs following a 52 percent rally since mid-June, Dewey Strickler, the president of Ag Watch Market Advisors in Franklin, Kentucky, said in a telephone interview.

-- Soybean futures may open steady to 2 cents a bushel lower as consumption declines following a 21 percent rally since mid-June, Strickler said. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound higher, and soybean-meal futures may open steady to $1 higher per 2,000 pounds.

-- Wheat futures may open 1 cent to 2 cents a bushel higher after Russia cut its forecast for grain production because of drought, Strickler said.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net.

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

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