CBOT corn, soy and wheat futures are called to open higher on the CBOT, after the Wednesday (June 30) USDA report on grains was revealed.

Corn futures are called to open one cent to two cents a bushel higher on the CBOT after a government report on Wednesday (June 30) revealed that US farmers planted less than expected and that inventories left from last year's record harvest were below estimates, said Dax Wedemeyer, an analyst at US Commodities Inc. in West Des Moines, Iowa.

Soy futures may open one cent to three cents a bushel higher on the CBOT after the USDA reported on Wednesday (June 30) that domestic inventories on June 1 fell more than analysts expected, Wedemeyer said. Soymeal futures may open US$1.50 to US$2.50 higher per 2,000 pounds, and soyoil is expected to fall 0.2 cent to 0.3 cent a pound, he said.

Wheat futures may open two cents to three cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on concern that adverse weather will reduce crops in parts of Europe, Russia and Canada, Wedemeyer said.

Russian grain output will be lower than anticipated as the country faces its worst drought in a decade, according to the Agriculture Ministry.

China's success in cooling its economy is alarming investors concerned that a slowdown in the engine of the global recovery may help trigger another recession.

Manufacturing growth from China to the euro-region slowed in June, suggesting the global export-led recovery is losing strength.

Farmers in the Organisation for Economic Co-operation and Development (OECD) countries were more reliant on subsidies to augment their income in 2009 as prices for agricultural commodities declined, OECD said.

China will establish teams across all provinces to crack down on monopolistic behaviour in agriculture markets, the National Development and Reform Commission (NDRC) said. The teams would also step up monitoring of agricultural prices.

European banks are still dependent on life-support from the region's central bank even after asking it for less money than analysts estimated. 

Commodity shipping costs measured by the Baltic Dry Index extended their longest losing streak in almost five years on a surplus of ships.

Archer Daniels Midland Co. said it will invest US$100 million in Agricultural Bank of China (AgBank).

Ukraine has not sold any of its future grain harvest in the season that ended Wednesday (June 30), Delo newspaper said, citing Volodymyr Klymenko, the head of the Ukrainian Grain Association.

Continued dry weather in the UK may harm yields for crops including wheat and spring barley, consultant ADAS Holdings Ltd. said in a report.