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Corn Called to Open Lower After Price Drop; Soybeans May Decline

Aug. 13 (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 lower on the CBOT after prices fell the most in four weeks on Aug. 10 even as the U.S. Department of Agriculture said production in the U.S. will drop 13 percent to 10.779 billion bushels after drought damaged fields, according to Paul Deane, an analyst at Australia & New Zealand Banking Group Ltd.

-- Soybean futures may open 5 cents to 7 cents a bushel lower on forecasts of rainfall and less heat in parts of the Midwest, Deane said in an e-mail today.

-- Wheat futures may open 3 cents to 5 cents a bushel lower on speculation that corn prices may decline.

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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