CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Wednesday, September 29, 2010 are sharply lower. The early calls for corn are 8-10 cents lower, soybeans 12-14 cents lower, and wheat 15-17 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 13 1/4 cents lower at $4.86 3/4 per bushel. The Nov. soybean futures contract traded 22 1/2 cents lower at $10.87 1/2 per bushel. The Dec. wheat futures contract traded 19 cents lower at $6.65 3/4. For Dec. soymeal futures, the contract traded $5.10 per short ton lower at $303.40, and Dec. soyoil up 0.91 point at $44.02.
The outside markets are supportive for Tuesday's grain trade. The real factors driving the sharply lower early calls are the sharply lower overnight markets.
As month-end and quarter-end approaches, investors are taking profits from the grain markets, traders say. Plus, there is no fresh bullish news to feed the rally. Traders see the corn market testing $4.85.
Today, a lot of positioning is expected ahead of tomorrow's USDA's Quarterly Stocks report and a revision of the U.S. wheat crop. Trade expectations for tomorrow's stocks report: Corn at 1.407 billion bushels, soybeans at 151 million bushels, and wheat at 2.44 billion bushels.