Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, May 3, 2011 are mostly lower. Corn is seen opening 1-2 cents higher, soybeans 7-9 cents lower, and wheat opening 5-7 cents lower.
In overnight electronic trading, the July corn futures contract traded 1 1/2 cents higher at $7.36 per bushel. The July soybean futures contract traded 10 cents lower at $13.83 per bushel. The July wheat futures contract traded 7 1/4 cents lower at $7.84 1/2. For July soymeal futures, the contract traded $0.20 lower at $360.30, and July soyoil $0.45 lower at $58.15.
The outside markets are not supportive for Tuesday's grain trade. The real factors driving the mostly lower early calls are the weaker overnight markets.