Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, July 20, 2011 are higher. Corn is seen opening 4-6 cents higher, soybeans up 7-9 cents, and wheat 8-10 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 4 cents higher at $6.91 1/4 per bushel. The Nov. soybean futures contract traded 5 1/2 cents higher at $13.87 1/2 per bushel. The Sep. wheat futures contract traded 8 1/2 cents higher at $7.02 3/4. For Dec. soymeal futures, the contract traded $0.70 higher at $365.60 and Dec. soyoil $0.37 higher at $57.94.
The outside markets are supportive for Wednesday'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.