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Early calls for commodities

02/03/2011 @ 7:47am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, February 3, 2011 are mixed. Corn is seen opening flat to higher, soybeans 1-2 cents lower to 1-2 cents higher and wheat down 4-6 cents. 

In overnight electronic trading, the March corn futures contract traded steady at $6.69 1/4. The March soybean futures contract traded 1 cent higher at $14.45 per bushel. The March wheat futures contract traded 4 1/4 cents lower at $8.58 3/4. For March soymeal futures, the contract traded $0.50 per short ton lower at $386.40, and March soyoil up 0.22 at $58.47.

The outside markets are not supportive for Thursday's grain trade. The real factors driving the mostly higher early calls are the higher overnight markets and the friendly USDA Weekly Export Sales Thursday. 

USDA releases mostly friendly Weekly Export Sales Thursday.

For corn, USDA reported total sales at 1.239 million metric tons, while the trade expected between 450 to 750,00 metric tons (mt). 

For soybeans, USDA reported sales at 4.11 million metric tons, the trade expected 3,500,000 to 3,800,000 (mt). These numbers include the big China purchase last week. 

Wheat export sales were reported at 565,400 metric tons, and the trade expected 800 to 1,100,000 (mt). 

Soymeal exports were reported to be 177,900 and soyoil at 5,000.

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