Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, August 8, 2011 are sharply lower. Corn is seen opening 10-12 cents lower, soybeans down 12-14 cents, and wheat 14-16 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 12 1/4 cents lower at $6.90 3/4 per bushel. The Nov. soybean futures contract traded 16 cents lower at $13.20 per bushel. The Sep. wheat futures contract traded 18 cents lower at $6.61. For Dec. soymeal futures, the contract traded $2.90 lower at $349.60 and Dec. soyoil $0.6 lower at $54.95.
The outside markets are not supportive for Monday's grain trade. The real factors driving the calls are the sharply lower overnight markets.