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Corn May Drop as Crop May Not Worsen; Soy, Wheat Called Lower

Aug. 2 (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 lower on speculation that crop conditions are unlikely to worsen, Jamey Kohake, a broker and branch manager at Paragon Investments in Silver Lake, Kansas, said by telephone.

-- Soybean futures are called to open steady to 1 cent lower as demand may decline, Kohake said. Soybean-oil futures may open 0.1 cent to 0.2 cent a pound lower, and soybean-meal futures may open $1 to $2 higher per 2,000 pounds.

-- Wheat futures in Chicago may open 2 cents to 4 cents lower, Kohake 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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