Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, May 23, 2011 are lower. Corn is seen opening 1-2 cents lower, soybeans 5-7 cents lower, and wheat 7-9 cents lower.
In overnight electronic trading, the July corn futures contract traded 1/4 of a cent lower at $7.59 1/4 per bushel. The July soybean futures contract traded 6 1/4 cents lower at $13.74 per bushel. The July wheat futures contract traded 9 1/4 cents lower at $7.97 1/4. For July soymeal futures, the contract traded $1.10 lower at $359.50 and July soyoil $0.19 lower at $57.27.
The outside markets are not supportive for Monday's grain trade. The real factors driving the lower early calls are the weaker overnight markets.