Early calls for the commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, January 27, 2011 are mostly mixed. Corn is seen opening 1-2 cents higher, soybeans mixed to 1-2 higher and wheat up 1-2 cents.
In overnight electronic trading, the March corn futures contract traded 1 cent higher at $6.58 3/4 per bushel. The March soybean futures contract traded 1/2 of a cent lower at $13.85 per bushel. The March wheat futures contract traded 1/2 of a cent lower at $8.56. For March soymeal futures, the contract traded $0.20 per short ton lower at $374.20, and March soyoil down 0.05 at $56.65.
The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the mixed early calls are the mixed overnight markets and a lower trading U.S. Dollar.
USDA released its weekly Export Sales Report Thursday.
The government agency estimated corn sales at 547,500 metric tons and the trade expected 600 to 900,000 metric tons (mt). For soybeans, sales were estimated at 940,300 mt and the trade expected between 600 to 800,000 (mt). USDA estimates last week's wheat sales at 1.047 million metric tons while the trade expected between 900-1.20 million metric tons. For soymeal, the USDA says sales were 46,400 mt and the trade expected between 100 to 175,000 (mt). Soyoil sales were recorded at 13,000mt.