Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, August 25, 2010 are higher. The early calls for corn are 1-2 cents higher, soybeans up 2-4 cents and wheat 4-6 higher.
In overnight electronic trading, the Dec. corn futures contract traded 1/4 of a cent higher at $4.20 3/4 per bushel. The Nov. soybean futures contract traded 3 3/4 cents higher at $10.02 3/4 per bushel. The Dec. wheat futures contract traded 4 1/4 cents higher at $7.12. For Dec. soymeal futures, the contract traded $1.90 per short ton higher at $291.60, and Dec. soyoil down 0.10 point at $39.96.
The outside markets are not supportive for Wednesday's grain trade. The real factor driving the higher early calls are the higher overnight markets. The U.S. and world equities could pressure the grains today, again traders say. Asian stocks dropped, as a result of poor U.S. economic news Tuesday. Plus, Ireland's sovereign-debt rating has been lowered.