Early calls for the grains
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Tuesday, January 4, 2011 are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 6-8 cents higher and wheat down 2-3 cents.
In overnight electronic trading, the March corn futures contract traded 1/2 of a cent lower at $6.20 per bushel. The March soybean futures contract traded 6 1/2 cents higher at $13.85 1/2 per bushel. The March wheat futures contract traded 2 1/4 cents lower at $8.03 1/4. For March soymeal futures, the contract traded $.50 per short ton lower at $368.50, and March soyoil up $0.38 at $58.08.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the mostly lower early calls are the mostly lower overnight markets.