Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, May 26, 2011 are higher. Corn is seen opening 3-5 cents higher, soybeans 6-8 cents higher, and wheat 12-14 cents higher.
In overnight electronic trading, the July corn futures contract traded 3 3/4 cents higher at $7.46 per bushel. The July soybean futures contract traded 8 3/4 cents higher at $13.85 3/4 per bushel. The July wheat futures contract traded 13 1/4 cents higher at $8.09 3/4. For July soymeal futures, the contract traded $0.20 higher at $360.30 and July soyoil $0.35 higher at $58.31.
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 released neutral-to-friendly Weekly Export Sales Thursday. Export Sales came within trade estimates, and that's about it. The corn numbers were the strongest.
For corn, this week's sales were estimated at 779,600 mt vs. the trade expectation of 500 to 900,000 metric tons (mt).
Soybean sales were recorded at 156,900 mt vs. the expectations between 150 to 325,000 mt. Soymeal sales were 142,800 mt vs. the trade guesses between 25 to 100,000 mt.
USDA estimates the U.S. wheat sales at 432,300 mt, within the trade expectations between 400 to 700,000 mt.