Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, May 17, 2011 are higher. Corn is seen opening 6-8 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents higher.
In overnight electronic trading, the July corn futures contract traded 5 1/4 cents higher at $7.02 3/4 per bushel. The July soybean futures contract traded 4 1/2 cents higher at $13.31 per bushel. The July wheat futures contract traded even at $7.36 1/2. For July soymeal futures, the contract traded $1.20 higher at $346.90 and July soyoil $0.22 higher at $56.13.
The outside markets are mildly supportive for Tuesday's grain trade. The real factors driving the higher early calls are the stronger overnight markets.