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Early calls for the commodities

Agriculture.com Staff 07/02/2010 @ 7:19am

Early calls for the CME Group commodity prices for Friday, July 2, 2010 are 1-2 cents higher for corn, soybeans up 7-9 cents and wheat up 1-2.

In eCBOT electronic trading, the Dec '10 corn futures contract was 1/2 of a cent lower at $3.84 per bushel, while Nov. soybeans were 6 1/2 cents higher at $9.12 per bushel. Sep. wheat was 3/4 of a cent higher at $5.00. The July soymeal futures contract was $0.50 higher at $292.00 and July soyoil 0.43 point higher at $36.30.

The outside markets are mildly supportive for this morning's CME Group open. The real factor driving the early calls will be the mostly higher overnight grain prices.

Tim Hannagan, PFGBest.com senior analyst, says the grains look to start off lower Tuesday. "We have heavy outside market pressure with crude oil down and the dollar index up but position squaring ahead of Wednesdays 7:30 a,m, central time acreage report should see some late day short covering."

Meanwhile, Hannagan says the market is paying attention to the weather. "We have little less than 3 million acres left to be planted and with the return to dry conditions all week called for in the Midwest, we should see all acres intended to go in, get in. Next Monday's update will be very important as any acres not yet planted probably won’t go in making Wednesday planted acreage report up for revision."

Hannagan adds, "USDA said Monday that 67% of the crop was rated in good/excellent condition, down 2% from the week prior, off 8% from the first report and down for the third consecutive week. It’s early as we don’t enter the key yield pod-setting stage on early planted beans until late July thru mid August. Yet, without a weather premium of any price in the market, declining conditions and another record export year, traders may soon exit the downside until weather shows what it’s holding in her deck."



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Early calls for the CME Group commodity prices for Friday, July 2, 2010 are 1-2 cents higher for corn, soybeans up 7-9 cents and wheat up 1-2.

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