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Early calls for commodities

05/04/2011 @ 7:42am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, May 4, 2011 are mostly lower. Corn is seen opening 1-2 cents higher, soybeans 3-4 cents lower, and wheat opening 4-6 cents lower. 

In overnight electronic trading, the July corn futures contract traded 1 1/2 cents higher at $7.25 per bushel. The July soybean futures contract traded 4 cents lower at $13.59 3/4 per bushel. The July wheat futures contract traded 7 cents lower at $7.86 1/4. For July soymeal futures, the contract traded $1.40 lower at $353.50, and July soyoil $0.04 lower at $57.75.

The outside markets are mildly supportive for Wednesday's grain trade. The real factors driving the mostly lower early calls are the weaker overnight markets.

Program Note

This Thursday morning at 7:45am CST, join Agriculture.com for a "livestreaming" event from Chicago. The topics include: Weather, agronomy, and markets. Watch the 'live' event on Agriculture.com in the Marketing Talk discussion group.

In conjunction with the CME, Agriculture.com will host a 'live' discussion on this year's late planting activity with University of Illinois Agronomist Emerson Nafziger, National Weather Service Meteorologist Steven Rodriguez, and a Chicago market analyst.

We welcome you to ask questions to the panel, during the roundtable. Grab a cup of coffee, Thursday morning, and join us for a look at what the Midwest weather could look like for the rest of the planting season, how delayed will the planting pace get, and how will the markets react to upcoming rainfall events, and possible acreage switches. Plus, your questions.

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