Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, January 13, 2011 are higher. Corn is seen starting 6-8 cents higher, soybeans 3-5 higher, and wheat up 2-4 cents.
In overnight electronic trading, the March corn futures contract traded 6 1/2 cents higher at $6.37 1/2 per bushel. The March soybean futures contract traded 3 1/4 cents higher at $14.18 1/4 per bushel. The March wheat futures contract traded 4 1/4 cents higher at $7.74 3/4. For March soymeal futures, the contract traded $0.10 per short ton higher at $382.50, and March soyoil down $0.08 at $57.79.
The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the early calls will be the higher overnight trading.
On Thursday, the USDA released weaker than expected Weekly Export Sales figures. For corn, export sales were estimated at 507,500 metric tons, soybean sales were 675,000, and wheat sales were pegged at 175,200 sharply less than the past four weeks.
USDA estimated U.S. soymeal exports at 26,200 metric tons and soyoil at 7,500 metric tons.