Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, July 27, 2010 are higher. The early calls for corn are 4-6 cents higher, soybeans up 5-7 cents and wheat 5-7 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 4 3/4 cents higher at $3.82 3/4 per bushel. The Nov. soybean futures contract traded 5 3/4 cents higher at $9.71 3/4 per bushel. The Sep. wheat futures contract traded 7 1/2 cents higher at $5.97. For Dec. soymeal futures, the contract traded $2.30 per short ton higher at $279.80, and Dec. soyoil up 8 points at $39.64.
The outside markets are supportive for Tuesday's grain trade. The real factor driving the higher early calls is the higher overnight market. Plus, the grains are underpinned by world crop-weather issues, namely Russia's drought that may halt that country's 2010 grain exports.