Early calls for the commodities
DES MOINES, Iowa (Agriculture.com)--The pre-opening prices for the CME Group grain commodities are higher Tuesday, November 9, 2010. For soybeans, the opening prices are seen 20-25 cents higher. For corn and wheat, the prices are seen starting 10-15 cents higher, traders say.
In its November Crop Production Report Tuesday, the USDA released bullish data.
Highlighting the report was a lowered U.S. 2010-2011 soybean carryout at 185 million bushels. This figure is sharply lower than the average trade estimate of 240 million. Therefore, the soybean complex is seen leading the Tuesday trading session.
In addition, overnight electronic trading, the Dec. corn futures contract is 8 3/4 cents higher at $5.94 per bushel. The Jan. soybean futures contract is 21 1/2 cents higher at $12.96 1/4 per bushel. The Dec. wheat futures contract traded 10 cents higher at $7.46 1/4. For Dec. soymeal futures, the contract traded $6.10 per short ton higher at $351.00, and Dec. soyoil up 0.72 at $52.73.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the early calls will be the USDA data.