Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, July 18, 2011 are sharply lower. Corn is seen opening 12-14 cents lower, soybeans down 8-10 cents, and wheat 10-12 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 16 cents lower at $6.69 per bushel. The Nov. soybean futures contract traded 11 cents lower at $13.76 per bushel. The Sep. wheat futures contract traded 14 1/2 cents lower at $6.80 1/4. For Dec. soymeal futures, the contract traded $3.80 lower at $362.10 and Dec. soyoil $0.54 lower at $57.72.
The outside markets are not supportive for Monday's grain trade. The real factors driving the calls are the sharply lower overnight markets.