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Early calls for commodities

10/11/2011 @ 6:44am

DES MOINES, Iowa (Agriculture.com)--The Early Calls for the commodities are mostly higher for Tuesday, October 11, 2011.

With less support from the outside markets and positioning ahead of Wednesday's USDA Reports, the CME Group farm markets may see mixed trading today.

In overnight electronic trading, the Dec. corn futures contract traded 3 1/4 cents lower at $6.01 3/4 per bushel. The Nov. soybean futures contract traded 9 1/4 cents higher at $11.86 3/4 per bushel. The Dec. wheat futures contract traded 3 1/4 cents higher at $6.14 3/4. For Dec. soymeal futures, the contract traded $1.80 per short ton higher at $310.30 and Dec. soyoil $0.23 higher at $50.34. 

The outside markets are mildly supportive for Tuesday's grain trade. The real factors driving the calls are the mostly higher overnight markets.

Also Tuesday, the USDA will release its weekly Crop Progress Report. The trade expects corn to be 33%-37% harvested, with a similar range in soybeans. Winter wheat planting should be near 50-55% completed.

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