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Early calls for commodities

05/12/2011 @ 7:52am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, May 12, 2011 are sharply lower. Corn and soybeans are seen opening 8-10 cents lower, and wheat 10-12 cents lower. 

In overnight electronic trading, the July corn futures contract traded 12 cents lower at $6.65 1/4 per bushel. The July soybean futures contract traded 11 1/2 cents lower at $13.20 1/4 per bushel. The July wheat futures contract traded 12 3/4 cents lower at $7.46 1/4. For July soymeal futures, the contract traded $2.10 lower at $345.50 and July soyoil $0.48 lower at $55.82.

The outside markets are not supportive for Thursday's grain trade. The real factors driving the lower early calls are the weaker overnight markets.

On Thursday, USDA released a neutral-to-friendly Weekly Export Sales Report.  

Corn sales were estimated at 457,500 metric tons vs. trade expectations of 250 to 450,000.

USDA estimates weekly soybean exports at 62,300 metric tons vs. expectations of 50 to 150,000 mt old, and 50 to 150,000 mt new crop.

Wheat sales were reported at 550,500 metric tons vs. expectations of 200 to 400,000 mt old crop, and 150 to 300,000 mt new crop.

USDA estimated U.S. soymeal export sales at 61,000 metric tons, ad soyoil sales at 2,000 mt.


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