Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, June 28, 2011 are higher. Corn is seen opening 4-6 cents higher, soybeans 2-4 cents higher and wheat 10-12 cents higher.
In overnight electronic trading, the July corn futures contract traded 5 1/2 cents higher at $6.66 1/4 per bushel. The Nov. soybean futures contract traded 3 cents higher at $13.18 per bushel. The Sep. wheat futures contract traded 12 cents higher at $6.62 3/4. For Dec. soymeal futures, the contract traded $0.80 higher at $340.30 and Dec. soyoil $0.18 higher at $56.38.
The outside markets are not supportive for Tuesday's grain trade. The real factors driving the early calls are the higher overnight markets. Plus, the USDA Monday dropped the U.S. crop ratings slightly, at a time when they normally go higher. This is seen as market-friendly.