Early calls for the grain commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, December 28, 2010 are higher. Corn is seen opening 2-4 cents higher, soybeans 5-7 cents higher and wheat up 6-8 cents.
In overnight electronic trading, the March corn futures contract traded 2 1/2 cents higher at $6.17 1/4 per bushel. The Jan. soybean futures contract traded 5 3/4 cents higher at $13.78 3/4 per bushel. The Dec. wheat futures contract traded 6 1/2 cents higher at $7.86 3/4. For Jan. soymeal futures, the contract traded $1.20 per short ton higher at $367.60, and Jan. soyoil up $0.05 at $57.20.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the higher early calls are the higher overnight markets and a hot/dry weather forecast for the Argentine corn/soybean crops.