Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, January 31, 2011 are sharply higher. Corn is seen opening 5-7 cents higher, soybeans 9-10 higher and wheat up 10-11 cents.
In overnight electronic trading, the March corn futures contract traded 6 1/2 cents higher at $6.50 1/2 per bushel. The March soybean futures contract traded 9 1/2 cents higher at $14.07 1/2 per bushel. The March wheat futures contract traded 12 cents higher at $8.37 3/4. For March soymeal futures, the contract traded $0.90 per short ton higher at $377.90, and March soyoil up 0.54 at $57.81.
The outside markets are supportive for Monday's grain trade. The real factors driving the higher early calls are the strong overnight markets and a lower trading U.S. Dollar. Egypt's protests continue to underpin the commodities markets.