Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, December 2, 2010 are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 3-6 cents lower and wheat up 6-8 cents.
In overnight electronic trading, the March corn futures contract traded 3 1/2 cents lower at $5.63 per bushel. The Jan. soybean futures contract traded 7 1/2 cents lower at $12.75 1/2 per bushel. The March wheat futures contract traded 6 1/2 cents higher at $7.46 1/2. For Jan soymeal futures, the contract traded $2.70 per short ton lower at $345.80, and Jan. soyoil down 0.18 at $52.43.
The outside markets are very supportive for Thursday's grain trade. The real factors driving the mostly lower early calls are the mostly lower overnight markets.
Meanwhile, the USDA Weekly Export Sales were friendly-to-bullish Thursday.
For corn, USDA says sales were 758,100 metric tons and the trade expected between 500-700,000 mt, soybeans 1.401 million mt, above the trade expectations of 1.0-1.3 million.
Wheat sales were 704,200 mt, in-line with trade expectations of 500-700,000 mt. USDA says soybean meal sales were 133,800 mt, within the trade range of 150-225,000 mt. And soyoil sales were 32,100 metric tons Thursday.