Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, May 6, 2011 are lower. Corn is seen opening 12-14 cents higher, soybeans 3-5 cents lower, and wheat opening 1-2 cents lower.
In overnight electronic trading, the July corn futures contract traded 15 1/4 cents lower at $6.93 1/2 per bushel. The July soybean futures contract traded 5 1/2 cents lower at $13.16 1/4 per bushel. The July wheat futures contract traded 1 1/4 cents lower at $7.52 3/4. For July soymeal futures, the contract traded $0.50 lower at $347.00, and July soyoil $0.41 lower at $55.32.
The outside markets are not supportive for Friday's grain trade. The real factors driving the lower early calls are the weaker overnight markets.