Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, August 2, 2010 are sharply higher. The early calls for corn are 5-7 cents higher, soybeans up 12-14 cents and wheat 18-20 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 5 3/4 cents higher at $4.12 1/2 per bushel. The Nov. soybean futures contract traded 15 cents higher at $10.20 per bushel. The Sep. wheat futures contract traded 22 3/4 cents higher at $7.16 1/2. For Dec. soymeal futures, the contract traded $4.90 per short ton higher at $294.90, and Dec. soyoil up 43 points at $40.98.
The outside markets are supportive for Monday's grain trade. The real factor driving the higher early calls is the sharply 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.