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Early calls for corn, wheat, and soybeans

10/28/2010 @ 7:57am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, October 28, 2010 are higher. Wheat and soybeans are seen opening 10-12 cents higher, and corn up 3-5 cents. 

In overnight electronic trading, the Dec. corn futures contract traded 5 1/2 cents higher at $5.82 3/4 per bushel. The Nov. soybean futures contract traded 10 1/4 cents higher at $12.34 per bushel. The Dec. wheat futures contract traded 13 1/2 cents higher at $7.16 1/4. For Dec. soymeal futures, the contract traded $0.30 per short ton higher at $338.90, and Dec. soyoil up 0.44 at $50.04.

The outside markets are supportive for Thursday's grain trade. The real factors driving the higher early calls are the higher overnight markets, a weakening dollar and higher than expected USDA weekly export sales.  

USDA released bullish corn and soybean export sales figures this morning. For corn,  the USDA estimated sales at 500,000 metric tons, while the trade expected 300 to 500,000 metric tons. Soybean sales were pegged at 2.03 million metric tons, the trade expected 1.0-1.80 million. In its weekly report, the USDA estimated U.S. wheat sales at 604,400 metric tons, while the trade expected 400 to 700,000. Soymeal sales were recorded at 153,900, while the trade guessed 150, to 225,000. USDA pegged weekly soyoil exports at 5,500 metric tons.


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