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Early calls for corn, wheat, and soybeans

08/10/2010 @ 7:24am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, August 10, 2010 are lower. The early calls for corn are 3-5 cents lower, soybeans down 7-9 cents and wheat down 8-10 cents.

In overnight electronic trading, the Dec. corn futures contract traded 4 3/4 cents lower at $4.13 1/4 per bushel. The Nov. soybean futures contract traded 9 3/4 cents lower at $10.25 1/4 per bushel. The Sep. wheat futures contract traded 10 cents lower at $7.02 1/2. For Dec. soymeal futures, the contract traded $3.90 per short ton lower at $290.50, and Dec. soyoil down 1 point at $42.39.

The outside markets are not supportive for Tuesday's grain trade. The real factor driving the lower early calls are the lower overnight markets. 

Cargill sold 23,000 metric tons of wheat to South Korea Tuesday, according to Dow Jones newswire. Also, Japan seeks 144,900 metric tons of food wheat for October shipment. The U.S. will get roughly half the order, other origins are Australia and Canada.

Egypt bought more French wheat Tuesday. That country's buyers announced they will buy the cheapest wheat on the market. Egypt will no longer buy from Black Sea countries, according to Dow Jones newswire.

Also, China announced Tuesday its Jan-July soybean imports were 30.76 million metric tons, up 16% from a year ago.

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