Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, May 16, 2011 are higher. Corn is seen opening 6-7 cents higher, soybeans 1-2 cents higher, and wheat 8-10 cents higher.
In overnight electronic trading, the July corn futures contract traded 8 1/2 cents higher at $6.90 1/2 per bushel. The July soybean futures contract traded 1 3/4 cents higher at $13.31 1/4 per bushel. The July wheat futures contract traded 8 1/4 cents higher at $7.36. For July soymeal futures, the contract traded $1.60 higher at $347.00 and July soyoil $0.06 higher at $56.20.
The outside markets are not supportive for Monday's grain trade. The real factors driving the higher early calls are the stronger overnight markets.