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, July 29, 2010 are higher. The early calls for corn are 4-6 cents higher, soybeans up 5-7 cents and wheat 5-7 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 3 1/2 cents higher at $3.94 1/4 per bushel. The Nov. soybean futures contract traded 6 cents higher at $9.84 per bushel. The Sep. wheat futures contract traded 8 3/4 cents higher at $6.245 3/4. For Dec. soymeal futures, the contract traded $2.80 per short ton higher at $287.00, and Dec. soyoil up 1 point at $39.56.
The outside markets are supportive for Thursday's grain trade. The real factor driving the higher early calls is the higher overnight market. Plus, the grains are underpinned by world crop-weather issues, namely Russia's drought that is cutting that country's wheat production. The USDA will release its weekly Export Sales report this morning at 7:30am CST.