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Corn Seen Up as Drought Called ‘Most Serious’; Soy, Wheat Down

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July 18 (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 2 cents to 3 cents a bushel higher after U.S. Agriculture Secretary Tom Vilsack said the U.S. drought that’s cutting corn and soybeans yields is “the most serious situation” farmers have faced in 25 years, said Tom Fritz, a partner at EFG Group in Chicago.

-- Soybean futures may open down 2 cents to 3 cents a bushel on speculation that rising prices will curb demand, Fritz said. Soybean-oil futures are expected to open 0.1 cent to 0.2 cent a pound lower, and soybean-meal futures may open steady to $1 lower per 2,000 pounds.

-- Wheat futures may open 2 cents to 3 cents a bushel lower, Fritz 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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