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Corn, Soybeans, Wheat Called Higher as U.S. Crop Ratings Decline

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July 23 (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 3 cents to 5 cents a bushel higher after the U.S. Department of Agriculture said the condition of the domestic crop as of yesterday fell to 26 percent good to excellent from 31 percent a week earlier, Jon Marcus, the president of Lakefront Futures and Options, LLC in Chicago, said by telephone. The rating is the lowest for the week since 1988, USDA data show.

-- Soybean futures may open up 7 cents to 10 cents a bushel as the amount of the U.S. crop that earned top ratings fell to 31 percent, also the lowest for the week since 1988, from 34 percent, Marcus said. 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.

-- Wheat futures may open 3 cents to 5 cents a bushel higher as the spring crop in the U.S. was rated 60 percent good or excellent, down from 65 percent a week earlier, Marcus 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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