Early calls for the grains
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, December 27, 2010 are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 3-4 cents higher and wheat down 2-4 cents.
In overnight electronic trading, the March corn futures contract traded 1 1/2 cents lower at $6.12 1/2 per bushel. The Jan. soybean futures contract traded 7 1/4 cents higher at $13.56 3/4 per bushel. The March wheat futures contract traded 5 1/2 cents lower at $7.77 1/2. For Jan. soymeal futures, the contract traded $0.60 per short ton higher at $360.60, and Dec. soyoil up 0.21 at $56.80.
The outside markets are mildly supportive for Monday's grain trade. The real factors driving the mostly lower early calls are the mostly lower overnight markets and news of China raising lending and deposit rates, in an attempt to slow its economy.