Early calls for the corn, soybean, wheat markets
CHICAGO, Illinois (Agriculture.com)--Early calls for the CME Group commodity prices for Thursday, July 15, 2010 are 5-7 cents higher for corn, wheat up 7-9 cents and soybeans 7-9 cents higher. USDA will release its Weekly Export Sales report at 7:30am CST.
In eCBOT electronic trading, the Dec '10 corn futures contract was 3 1/2 cents higher at $3.99 3/4 per bushel, while Nov. soybeans were 13 3/4 cents higher at $9.75 3/4 per bushel. Sep. wheat was 15 cents higher at $5.74. The Dec. soymeal futures contract was $4.60 higher at $284.20 and Dec. soyoil 0.44 point higher at $39.34.
The outside markets are very supportive for this morning's CME Group open. The real factor driving the early calls will be sharply higher overnight grain prices.
It should be noted, the Midwest weather is being ruled by a high pressure dome. A few rains may fall before the week ends, according to Freese-Notis. But, the heat 'dome' could stick around for awhile, the weather service suggested Thursday.