Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, February 2, 2011 are higher. Corn is seen opening 4-6 cents higher, soybeans 6-8 cents higher and wheat up 10-12 cents.
In overnight electronic trading, the March corn futures contract traded 4 1/2 cents higher at $6.70 1/2 per bushel. The March soybean futures contract traded 8 cents higher at $14.46 per bushel. The March wheat futures contract traded 14 1/2 cents higher at $8.50 1/4. For March soymeal futures, the contract traded $0.63 per short ton lower at $389.40, and March soyoil up 0.26 at $58.98.
The outside markets are mildly supportive for Wedneday's grain trade. The real factors driving the higher early calls are the higher overnight markets.