Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, November 4, 2010 are sharply higher. Wheat is seen opening 8-9 cents higher, corn 7-8 cents higher and soybeans 16-18 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 8 cents higher at $5.89 per bushel. The Jan. soybean futures contract traded 18 1/2 cents higher at $12.56 per bushel. The Dec. wheat futures contract traded 10 cents higher at $7.00. For Dec. soymeal futures, the contract traded $2.80 per short ton higher at $341.70, and Dec. soyoil up 1.07 at $50.97.
The outside markets are very supportive for Thursday's grain trade. The real factors driving the higher early calls are the higher overnight markets.
In addition, the USDA's Weekly Export Sales figures Thursday are seen as friendly for the grain trade. For corn, USDA reported 461,600 metric tons of last week's sales, while the trade expected between 350 to 700,000. Soybean sales came in at 1.593 million metric tons, while the trade expected between 800 to 1,200,000 mt. Wheat sales were recorded at 599,600 metric tons, and the trade expected between 400,000-600,000 metric tons. Soymeal export sales totaled 165,900 metric tons, while the trade expected between 75 to 225,000 metric tons. Soyoil sales were a negative 32,600 metric tons.