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Early calls for corn, wheat, and soybeans

11/11/2010 @ 7:18am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities are higher Thursday, November 11, 2010. For soybeans the opening prices are seen 7-9 cents higher, corn 5-7 cents higher, and wheat up 6-7 cents. 

In addition, overnight electronic trading, the Dec. corn futures contract is 5 3/4 cents higher at $5.72 1/2 per bushel. The Jan. soybean futures contract is 7 1/4 cents higher at $13.26 3/4 per bushel. The Dec. wheat futures contract traded 6 cents higher at $7.16. For Dec. soymeal futures, the contract traded $1.50 per short ton higher at $356.90, and Dec. soyoil up 0.17 at $54.12.

Jack Scoville, PRICE Futures Group vice-president, says the profit-taking could slow Thursday. "After some follow through selling from the specs, I did not hear of any farm selling around here yesterday, and I saw no selling from Brazil, either.  Also, on Wednesday, 'options implied volatilities' were under pressure in the corn, and this implies a little more weakness," Scoville says.

He adds, "But, there is pent up buying to be done in corn and I think it got started yesterday or will on any further weakness.  So I don't think there is a whole lot more down side.  Usually the buying or selling comes over 3 days. So, this bout of liquidation could be about over. 

Meanwhile, despite some traders feeling like this market is slowing to an idle, Scoville isn't buying it. "I also don't think the market is dead until after the first of the year.  I can understand why people might think that way.  Specs have made a lot of money and might not do much if they leave now.  But, the USDA data does not show a market to me that is likely to be dead for that long at all.  I tend to think we will get this correction done with and then start to move higher again.  The dollar shows the makings of a turn but needs to follow through now.  Either way, the USDA projections do not imply a slow market.  We will keep ears to the ground and anything to marginally affect prices one way or another will get magnified," he says.

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