Early calls for the commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, January 24, 2011 are higher. Corn is seen starting 2-4 cents higher, soybeans 5-7 higher, and wheat up 10-12 cents.
In overnight electronic trading, the March corn futures contract traded 2 1/2 cents higher at $6.59 3/4 per bushel. The March soybean futures contract traded 7 3/4 cents higher at $14.20 per bushel. The March wheat futures contract traded 11 cents higher at $8.35 1/2. For March soymeal futures, the contract traded $2.50 per short ton higher at $382.10, and March soyoil up $0.59 at $58.15.
The outside markets are not supportive for Monday's grain trade. The real factors driving the early calls will be the higher overnight trading.
Weekend weather in Argentina was hot and dry, according to weather reports. Argentina's major soybean producing regions are expected to get some relief this week, with rain put into the forecast after today.