Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, April 7, 2011 are higher. Corn is seen opening 5-7 cents higher, soybeans 3-5 cents higher, and wheat 4-6 cents higher.
In overnight electronic trading, the May corn futures contract traded 7 1/4 cents higher at $7.70 1/4 per bushel. The May soybean futures contract traded 3 cents higher at $13.79 1/2 per bushel. The May wheat futures contract traded 6 cents higher at $7.88 1/4. For May soymeal futures, the contract traded $0.80 higher at $356.40, and May soyoil $0.04 higher at $58.82.
The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the higher early calls are the stronger overnight markets.
USDA Thursday released neutral-to-negative Weekly Export Sales numbers. For U.S. corn, last week's sales were recorded at 808,900 metric tons vs. the trade expectations of 800-900,000 metric tons (mt). USDA estimates soybean sales at 190,300 metric tons, below the expectations of 250-500 (mt).
For wheat, the weekly sales were 722,900 metric tons, slightly higher than the trade expectations of 250,000-700,000 mt.
USDA pegged soymeal exports at 46,200 mt, below a trade expectation of 75-150,000 (mt). Soyoil sales were recorded at 1,100 mt.