Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, December 10, 2010 are subject to this morning's USDA December Supply/Demand Report. The governmental agency will release the report at 7:30am CST. Based on overnight markets alone, corn is seen 3-4 cents higher, soybeans 5-8 cents higher, and wheat 5-7 higher.
In overnight electronic trading, the March corn futures contract traded 4 cents higher at $5.78 1/4 per bushel. The Jan. soybean futures contract traded 5 1/4 cents higher at $12.86 1/4 per bushel. The March wheat futures contract traded 7 3/4 cents higher at $7.96 1/4. For Jan soymeal futures, the contract traded $1.80 per short ton higher at $342.50, and Jan. soyoil up 0.16 at $54.31.
The outside markets are supportive for Friday's grain trade. The real factors driving the higher early calls are the higher overnight grain markets and an anticipated bullish USDA report.