Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, July 25, 2011 are lower on U.S. debt concerns and a lack of fresh bullish news. Corn is seen opening 5-7 cents lower, soybeans down 8-10 cents, and wheat 5-7 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 8 cents lower at $6.77 1/2 per bushel. The Nov. soybean futures contract traded 12 1/4 cents lower at $13.76 per bushel. The Sep. wheat futures contract traded 7 1/4 cents lower at $6.85. For Dec. soymeal futures, the contract traded $4.30 lower at $365.00 and Dec. soyoil $0.46 lower at $57.02.
The outside markets are not supportive for Monday's grain trade. The real factors driving the calls are the lower overnight markets. With nine days for the U.S. to meet a debt default or downgrade, investors are unwilling to take risks.