Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, September 3, 2010 are higher. The early calls for corn are 1-2 cents higher, soybeans 2-4 higher and wheat up 6-8 cents.
In overnight electronic trading, the Dec. corn futures contract traded 1 1/4 cents lower at $4.46 1/4 per bushel. The Nov. soybean futures contract traded 7 cents higher at $10.16 per bushel. The Dec. wheat futures contract traded 8 3/4 cents higher at $7.22 1/2. For Dec. soymeal futures, the contract traded $0.40 per short ton higher at $296.50, and Dec. soyoil up 0.34 point at $40.54.
The outside markets are mildly supportive for Friday's grain trade. The real factors driving the higher early calls are the higher overnight markets.
This morning's U.S. Government Payrolls Report dropped much less than expected, falling 54,000. This is good news for the market. The private sector added 67,000 jobs. However, the unemployment jumped to 9.6% from 9.5%.
Specifically for grains, light volume is expected today ahead of the Labor Day Holiday's three-day weekend. Traders are not expected to put on any heavy positions to move the market way up or way down, one trader says.
For the week, corn is up 12¢, soybeans down 14¢, and wheat up 18¢.