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Grains, Soybeans Called Higher as U.S. Midwest Drought Persists

July 31 (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 1 cent to 2 cents per bushel higher as little or no rain is forecast in the Midwest, extending the worst drought in the U.S. since 1956 and curbing production, Scott Stoller, a grain merchandiser at Michlig Grain in Manlius, Illinois, said in a telephone interview.

-- Soybean futures may open steady to 2 cents a bushel higher as the lack of rain and hot weather curbs yields as plants enter critical growth stages, Stoller said. Soybean-oil futures may open steady 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 steady to up 2 cents a bushel, Stoller 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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