By Jeff Wilson Feb. 1 (Bloomberg) -- What follows are opening calls for U.S. grain and oilseed markets. -- Corn futures are called to open steady to 1 cent a bushel higher on the Chicago Board of Trade amid speculation that last month’s drop in prices, the biggest since June, will boost purchases of U.S. supplies, said Mark Schultz, the chief analyst at Northstar Commodity Investment Co. in Minneapolis. -- Soybean futures may open 1 cent lower to 1 cent a bushel higher on the CBOT as rainfall in Argentina during the next week relieves stress from hot, dry weather, offsetting increased speculative investment tied to a weakening dollar and rising crude-oil prices, Schultz said. -- Soybean meal may open 50 cents to $1 higher per 2,000 pounds in Chicago as demand improves after the price dropped 11 percent in January, Schultz said. Soybean oil is expected to open steady to 0.1 cent higher as rising crude-oil prices increases demand for alternative fuels made from the commodity, he said. -- Wheat futures are called to open 1 cent to 2 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange as demand increases for supplies from the U.S., the biggest exporter, Schultz said. Wheat fell 12 percent last month. To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net.

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