Early Calls for commodities
DES MOINES, Iowa (Agriculture.com)--With friendly corn data in Wednesday's USDA Crop Production/Supply/Demand Reports, the CME Group corn, soybean and wheat markets may have a chance to start the day's trade slightly higher.
The Early Calls for the commodities on Wednesday, November 9, 2011, are higher. Corn is seen opening 5-10 cents higher, soybeans 2-4 cents higher, and wheat unchanged.
However, the outside markets are reeling from pressure dealing with Italy's Prime Minister resigning. The farm markets may have to fight off heavy outside market pressure all day.
In overnight electronic trading, the Dec. corn futures contract traded 1 1/4 cents lower at $6.59 1/4 per bushel. The Jan. soybean futures contract traded 7 3/4 cents lower at $11.97 3/4 per bushel. The Dec. wheat futures contract traded 7 1/4 cents lower at $6.49 3/4. For Dec. soymeal futures, the contract traded $1.40 per short ton lower at $306.20 and Dec. soyoil $0.42 lower at $51.43.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the USDA Report and the outside markets.