Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, May 31, 2011 are mostly higher. Corn is seen opening 1-2 cents higher, soybeans 2-4 cents higher, and wheat 15-18 cents lower.
In overnight electronic trading, the July corn futures contract traded steady at $7.62 3/4 per bushel. The July soybean futures contract traded 2 cents higher at $13.81 3/4 per bushel. The July wheat futures contract traded 20 1/2 cents lower at $7.99 1/4. For July soymeal futures, the contract traded $0.10 lower at $355.50 and July soyoil $0.04 higher at $58.65.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the mixed early calls are the mostly higher overnight markets.
However, Russia announced Tuesday that it will lift its grain export ban July 1, sending overnight wheat prices sharply lower.