Early calls for the commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, January 19, 2011 are sharply higher. Corn is seen starting 6-8 cents higher, soybeans 16-18 higher, and wheat up 12-14 cents.
In overnight electronic trading, the March corn futures contract traded 5 1/2 cents higher at $6.65 per bushel. The March soybean futures contract traded 16 1/2 cents higher at $14.29 3/4 per bushel. The March wheat futures contract traded 14 cents higher at $8.07 1/4. For March soymeal futures, the contract traded $2.80 per short ton higher at $386.20, and March soyoil up $0.52 at $58.07.
The outside markets are supportive for Wednesday's grain trade. The real factors driving the early calls will be the higher overnight trading.
Crop-weather concerns, in Argentina, along with more fund money flowing into commodities are expected to underpin today's markets, analysts say.