Early calls for the grains
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, January 5, 2011 are lower. Corn is seen opening 5-6 cents lower, soybeans 3-4 cents lower and wheat down 7-9 cents.
In overnight electronic trading, the March corn futures contract traded 7 cents lower at $6.01 1/2 per bushel. The March soybean futures contract traded 3 1/2 cents lower at $13.66 per bushel. The March wheat futures contract traded 10 1/2 cents lower at $7.78 3/4. For March soymeal futures, the contract traded $1.40 per short ton lower at $366.40, and March soyoil down $0.30 at $56.55.
The outside markets are mildly supportive for Wednesday's grain trade. The real factors driving the lower early calls are the lower overnight markets.