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Early calls for commodities

06/24/2011 @ 8:16am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, June 24, 2011 are higher. Corn is seen opening 8-10 cents higher, soybeans 6-8 cents higher and wheat 6-8 cents higher. 

In overnight electronic trading, the July corn futures contract traded 14 cents higher at $6.94 1/2 per bushel. The July soybean futures contract traded 8 1/2 cents higher at $13.26 1/4 per bushel. The July wheat futures contract traded 9 cents higher at $6.58. For July soymeal futures, the contract traded $3.20 higher at $343.80 and July soyoil $0.20 higher at $55.35.

The outside markets are not supportive for Friday's grain trade. The real factors driving the early calls are the higher overnight markets.

USDA announces Friday that China bought 120,000 metric tons of U.S. soybeans for 2011-12 delivery. Also, an 'unknown' bought 301,500 metric tons of U.S. soybeans for 2011-12 delivery.

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