Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--For Tuesday, August 3, 2010, the pre-opening commodity prices are estimated lower. Early calls for corn are 2-4 cents lower, 7-9 cents lower for soybeans, and 3-5 cents lower for wheat.
In the overnight electronic trading, the CME Group corn market, basis the Dec. contract, was down 3 cents at $4.01 1/2 per bushel. The Nov. soybean futures contract traded 7 3/4 cents lower at $10.02 1/2 per bushel. The Sep. wheat contract was 2 3/4 cents lower at $6.90 1/2. For Dec. soymeal, that contract traded $1.80 per short ton lower at $287.50, and Dec. soyoil was down 17 points at $41.00.
The outside markets are supportive Tuesday, for the grain markets. The real driver for the lower early calls is the lower overnight grain trade. USDA released its weekly Crop Progress report Monday afternoon. Though the crop condition ratings dipped vs. a week ago, they are way ahead of previous years.