Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, February 23, 2011 are sharply lower. Corn is seen opening 12-14 cents lower, soybeans 6-7 cents lower and wheat down 13-15 cents.
In overnight electronic trading, the March corn futures contract traded 17 1/4 cents lower at $6.62 1/2 per bushel. The March soybean futures contract traded 1/2 of a cent lower at $12.97 1/2 per bushel. The March wheat futures contract traded 19 1/4 cents lower at $7.43. For March soymeal futures, the contract traded $0.40 per short ton higher at $346.90, and March soyoil $0.04 at $53.95.
The outside markets are supportive for Wednesday's grain trade. The real factors driving the sharply lower early calls are the sharply lower overnight markets.