Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, July 28, 2010 are higher. The early calls for corn are 4-6 cents higher, soybeans 5-7 cents higher and wheat up 8-10 cents.
In overnight electronic trading, the Dec. corn futures contract traded 4 1/2 cents higher at $3.81 1/2 per bushel. The Nov. soybean futures contract traded 6 cents higher at $9.71 1/2 per bushel. The Sep. wheat futures contract traded 12 1/4 cents higher at $6.07 1/4. For Dec. soymeal futures, the contract traded $2.40 per short ton higher at $280.70, and Dec. soyoil up 19 points at $39.48.
The outside markets are mildly supportive for Monday's grain trade. The real factor driving the higher early calls is the stronger overnight market.
The markets are factoring in the world crop-weather concerns, mainly Russia's drought and Europe's dryness that is hurting wheat production.