Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, May 9, 2011 are higher. Corn is seen opening 8-9 cents higher, soybeans 6-8 cents higher, and wheat opening 12-13 cents higher.
In overnight electronic trading, the July corn futures contract traded 10 1/4 cents higher at $6.96 1/2 per bushel. The July soybean futures contract traded 8 1/2 cents higher at $13.34 1/4 per bushel. The July wheat futures contract traded 15 3/4 cents higher at $7.75 1/4. For July soymeal futures, the contract traded $1.60 higher at $351.11 and July soyoil $0.42 higher at $56.11.
The outside markets are supportive for Monday's grain trade. The real factors driving the higher early calls are the stronger overnight markets.