Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, January 11, 2011 are higher. Corn, soybeans and wheat are seen opening 2-4 cents higher.
In overnight electronic trading, the March corn futures contract traded 1 1/2 cents higher at $6.08 1/2 per bushel. The March soybean futures contract traded 1 1/4 cents higher at $13.81 3/4 per bushel. The March wheat futures contract traded 2 1/4 cents higher at $7.69 1/2. For March soymeal futures, the contract traded $0.50 per short ton lower at $370.10, and March soyoil up $0.06 at $57.19.
The outside markets are supportive for Tueaday's grain trade. The real factors driving the higher early calls are the higher overnight markets. Traders will be hesitant to trade too much today, ahead of Wednesday's USDA Crop Production and the January Supply/Demand Reports at 7:30am CST.