Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, February 22, 2011 are sharply lower. Corn is seen opening 8-9 cents lower, soybeans 10-11 cents lower and wheat down 11-12 cents.
In overnight electronic trading, the March corn futures contract traded 11 1/2 cents lower at $6.98 1/4 per bushel. The March soybean futures contract traded 13 1/2 cents lower at $13.54 1/2 per bushel. The March wheat futures contract traded 15 cents lower at $8.07 1/4. For March soymeal futures, the contract traded $0.20 per short ton lower at $360.00, and Dec. soyoil even at $56.49.
The outside markets are not supportive for Tuesday's grain trade. The real factors driving the lower early calls are the sharply lower overnight markets.