What follows are opening calls for U.S. grain and oilseed markets.

– Corn futures are called to open 3 cents to 5 cents a bushel higher on the Chicago Board of Trade on speculation that adverse weather this month reduced output in South America, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in telephone interview. Farmers withheld inventories, boosting premiums that grain companies are paying to acquire prompt supplies.

– Wheat futures may open 1 cent to 2 cents a bushel lower on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that protective snow cover and moderating temperatures next week will limit damage to crops in parts of Russia and Ukraine, Roose said.

– Soybean futures may open 1 cent a bushel lower to 1 cent higher in Chicago amid forecasts for beneficial rain in the next two weeks in South America and speculation that China will increase purchases next week, Roose said. Soybean-oil futures are expected to open 0.1 cent to 0.15 cent a pound lower, and soybean-meal futures may open 50 cents to $ 1 lower per 2,000 pounds.

WHAT TO WATCH: (ALL TIMES NEW YORK)
1 p.m. Baker Hughes Weekly U.S. Energy Rig Count
2 p.m. USDA Daily, Weekly Hog and Cattle Slaughter
3 p.m. USDA Annual U.S. Cattle Inventory

TOP COMMODITY STORIES:
-U.S. Exporters Sell 170,200 Tons of Corn, 133,200 Tons of Wheat
-Commodities Market Contracts Most in Three Years in 2011
-Russian Grain Growing Area Forecast to Be Coldest in 60 Years
-Ukraine’s Winter Grains May Be Damaged by Frosts, Center Says
-Ukraine Winter Crops Protected From Cold by Snow, Agritel Says
-Russia Swine Fever Outbreaks May Affect Grain Exports, IFX Says
-Cattle Herd Drop to 1958 Low Boosts Costs for McDonald’s, Tyson
-S. Korea’s Nonghyup Tenders to Buy as Much as 250,000 Tons Corn
-Palm Oil Posts Weekly Decline on Concern Over Malaysia Exports
-Chinese Developer Wins Approval to Buy 16 New Zealand Farms
-Xi Meets Obama as China’s Next President Seen Boosting Markets
-Gold Bulls Ascendant Amid Biggest Rally Since 1980: Commodities

TOP ECONOMIC AND GOVERNMENT NEWS:
-U.S. Stocks Fall as American Economy Grows Less Than Forecast
-U.S. Economy Grows Less Than Forecast as Consumers Struggle
-Rehn Says Authorities ‘Very Close’ to Reaching Greek Agreement
-Greek Debt Wrangle May Pull Default Swaps Trigger: Euro Credit
-Lagarde Keeps Pressure on Greek Creditors for Better Offer
-Record Pace of Bond Offerings Cools as IMF Warns: Credit Market
-Fed’s Lacker Says Economy May Warrant Earlier Rate Increase
-Fed’s QE3 May Be Preferred Over QE2 for Asia in Export Slump
-Fed Easing May Harm Long-Term Economic Growth, Warsh Says

MARKETS (AS OF 9:56 A.M. NEW YORK TIME):
                              Last      %Chg
Corn                         $  6.3925     0.7
CBOT Wheat                   $  6.525     -0.2
Soybeans                     $  12.2275   unch
Soybean Oil                  $  0.5182    -0.2
Soybean Meal                 $  322.90    -0.2
WTI Crude Oil                $  100.30     0.6
N.Y. Gasoline                $  2.8915     1.6
U.S. Dollar Index            79.127     -0.3
S&P 500                      1,317.69   -0.1

To contact the reporters on this story: Jeff Wilson in Chicago at jwilson29@.net; Whitney McFerron in Chicago at wmcferron1@.net.

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