Early calls for the grain commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, December 29, 2010 are lower. Corn is seen opening 2-4 cents lower, soybeans 5-7 cents lower and wheat down 2-4 cents.
In overnight electronic trading, the March corn futures contract traded 3/4 of a cent lower at $6.22 3/4 per bushel. The March soybean futures contract traded 9 cents lower at $13.78 per bushel. The March wheat futures contract traded 3 1/4 cents lower at $7.95. For March soymeal futures, the contract traded $2.40 per short ton lower at $370.20, and March soyoil down $0.42 at $56.97.
The outside markets are mildly supportive for Wednesday's grain trade. The real factors driving the lower early calls are the lower overnight markets. Some analyst see the funds taking end-of-the-year profits the remainder of the week. Hot/dry weather remains in the forecast for the Argentine corn/soybean crops.