Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, August 5, 2010 are sharply higher. The early calls for corn are 12-14 cents higher, soybeans up 15-17 cents and wheat up its 60 cent daily limit.
In overnight electronic trading, the Dec. corn futures contract traded 18 1/2 cents higher at $4.33 1/2 per bushel. The Nov. soybean futures contract traded 15 1/2 cents higher at $10.39 3/4 per bushel. The Sep. wheat futures contract traded 60 cents higher at $7.85 3/4. For Dec. soymeal futures, the contract traded $4.90 per short ton higher at $297.30, and Dec. soyoil up 4 points at $42.50.
The outside markets are not supportive for Thursday's grain trade. The real factor driving the higher early calls is the sharply higher overnight market, and the news of Russia banning grain exports between Aug. 15-Sept.