Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, February 25, 2011 are higher. Corn is seen opening 3-5 cents higher, soybeans 2-4 cents higher and wheat up 7-9 cents.
In overnight electronic trading, the March corn futures contract traded 3 3/4 cents higher at $6.99 3/4 per bushel. The March soybean futures contract traded 2 1/2 cents higher at $13.31 3/4 per bushel. The March wheat futures contract traded 9 1/4 cents higher at $7.91 3/4. For March soymeal futures, the contract traded $0.10 per short ton higher at $355.00, and March soyoil $0.40 higher at $55.68.
The outside markets are mildly supportive for Friday's grain trade. The real factors driving the higher early calls are the higher overnight markets.
USDA releases friendly corn and wheat export sales Friday, weak soybean sales.
In its weekly report, USDA says U.S. corn sales came in at 1.65 million metric tons, compared to the trade expectations of 850 to 1,000,000 (mt). For soybeans, weekly sales were 252,600 mt vs. the trade expectations of 300 to 500,000 (mt). Wheat export sales were recorded at 1.115 million mt, higher than the trade expectations of 700,000-1.00 million mt. For soymeal, the USDA estimates sales at 108,700 mt, compared to the trade expectations of 75-150,000 (mt).