Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities are lower Friday, November 12, 2010. For soybeans the opening prices are seen 25-26 cents lower, corn 5-7 cents lower, and wheat down 8-10 cents.
In addition, overnight electronic trading, the Dec. corn futures contract is 6 1/4 cents lower at $5.57 1/4 per bushel. The Jan. soybean futures contract is 30 3/4 cents lower at $13.08 1/4 per bushel. The Dec. wheat futures contract traded 9 1/2 cents lower at $6.94 1/2. For Dec. soymeal futures, the contract traded $6.90 per short ton lower at $353.20, and Dec. soyoil down $1.48.
The outside markets are mildly favorable for the grain markets. The real driver of the day-time trading is the sharply lower overnight prices. China is believed to be preparing to raise interest rates, in an attempt to slow its economy. That news hit the overnight markets in a negative way.
On Friday, the USDA released friendly weekly export sales. For corn, sales came in at 628,000 metric tons, while the trade expected between 300-500,000 metric tons. USDA says soybean sales were 929,000 when the trade thought between 800,000-1.5 million. For wheat, weekly sales came in at 832,000, while the trade expected between 300-600,000 metric tons.
Meanwhile, soybean meal weekly sales were 407,900 and soyoil sales were 6,000 metric tons.