Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, March 22, 2011 are sharply lower. Corn is seen opening 6-8 cents lower, soybeans 14-16 cents lower, and wheat 12-14 cents lower.
In overnight electronic trading, the May corn futures contract traded 9 3/4 cents lower at $6.76 3/4 per bushel. The May soybean futures contract traded 18 cents lower at $13.45 per bushel. The May wheat futures contract traded 15 cents lower at $7.06. For May soymeal futures, the contract traded $4.20 lower at $362.20, and May soyoil $0.83 lower at $55.05.
The outside markets are mildly supportive for Tuesday's grain trade. The real factors driving the lower early calls are sharply lower overnight markets.