Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, July 19, 2011 are sharply higher. Corn is seen opening 12-14 cents higher, soybeans up 8-10 cents, and wheat 14-16 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 16 1/4 cents higher at $6.93 1/4 per bushel. The Nov. soybean futures contract traded 8 1/4 cents higher at $13.94 1/2 per bushel. The Sep. wheat futures contract traded 17 1/2 cents higher at $7.06 3/4. For Dec. soymeal futures, the contract traded $0.20 higher at $366.60 and Dec. soyoil $0.49 higher at $58.31.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the calls are the sharply higher overnight markets. Plus, extreme heat is lingering in the Midwest, pushing down crop ratings.