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Early calls for corn, wheat, and soybeans

09/16/2010 @ 7:51am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, September 16, 2010 are mostly higher. The early calls for corn are 1-2 cents lower, soybeans up 1-2 cents, and wheat 1-2 cents higher.

In overnight electronic trading, the Dec. corn futures contract traded 1 1/4 cents lower at $4.94 per bushel. The Nov. soybean futures contract traded 1 1/2 cents higher at $10.44 per bushel. The Dec. wheat futures contract traded 2 3/4 cents higher at $7.29 1/2. For Dec. soymeal futures, the contract traded $0.20 per short ton higher at $297.90, and Dec. soyoil down 0.03 point at $41.98.

The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the early calls will be the mostly higher overnight grain trading and the weaker than expected USDA Weekly Export Sales.

Thursday, the USDA released weak export sales. The corn sales were below trade expectations, soybeans barely within the trade estimates and wheat sales below. For corn, the USDA estimated sales at 587,900 metric tons, below the trade estimate of 750-850,000 metric tons. For soybeans, 668,600 mt vs. the trade range of 650-850,000. USDA pegged wheat sales at 649,600 mt compared with the trade range of 850,000-1.25 million metric tons.

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