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Corn, Soybeans Called to Open Higher as Midwest Drought Persists

July 23 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets, which open on the Chicago Board of Trade at 6 a.m. Singapore time.

-- Corn futures may open 5 cents to 7 cents a bushel higher on the CBOT as forecasts for dry weather in the U.S. Midwest boosts concerns that drought will threaten yields, said Paul Deane, an analyst at Australia & New Zealand Banking Group Ltd.

-- Soybean futures may open 7 cents to 10 cents a bushel higher as the persistent Midwest drought threatens to curb output in the world’s biggest grower, Deane said in an e-mail.

-- Wheat futures may open 3 cents a bushel higher on expectations corn and soybean prices will advance, he said.

To contact the reporter for this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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