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Soybeans, Grains Called to Open Lower on Rain, Slowing Demand

Aug. 8 (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.

-- Soybean futures are called to open 1 cent to 2 cents a bushel lower as forecasts for rain during the next five days boost the yield outlook for crops in the U.S. Midwest, Dan Cekander, the director of grain research for Newedge USA LLC in Chicago, said in a telephone interview.

-- Corn futures may open steady to down 2 cents a bushel on speculation that a 61 percent jump in prices since June 15 will slow buying before the U.S. Department of Agriculture’s production forecasts on Aug. 10, Cekander said.

-- Wheat futures may open steady to 2 cents a bushel lower after a 49 percent jump in prices since June 1 slows overseas demand for U.S. supplies, Cekander said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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