Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, June 3, 2011 are mostly higher. Corn is seen opening 1-2 cents lower, soybeans 4-6 cents higher, and wheat 5-7 cents higher.
In overnight electronic trading, the July corn futures contract traded 1 3/4 cents lower at $7.64 3/4 per bushel. The July soybean futures contract traded 6 cents higher at $14.13 per bushel. The July wheat futures contract traded 5 1/2 cents higher at $7.75 1/4. For July soymeal futures, the contract traded $2.20 higher at $368.20 and July soyoil $0.14 higher at $59.05.
The outside markets are mildly supportive for Friday's grain trade. The real factors driving the higher early calls are the mostly stronger overnight markets.
USDA Weekly Export Sales Friday are very friendly for wheat. Corn sales were ok, but not that impressive. Soybean sales are weak, compared to the trade's expectations.
For corn, old-crop sales were estimated at 471,600 metric tons vs. expectations between 300-700,000 metric tons (mt).
Corn new-crop sales were estimated at 229,300 mt vs. the estimate of 100-300,000 mt.
For old-crop soybeans, the USDA estimated sales at 82,500 mt vs. the expectation of 75-200,000 mt. New-crop soybean export sales were 73,000 mt vs. the trade's expectation of 50-200,000 mt.
In its Friday report, the USDA estimates wheat old-crop sales at 29,600 mt compared to the trade's expectation of 100-150,000 mt.
New-crop wheat export sales were 338,400 mt vs. the expectation of 250-450,000 mt.
Old-crop soybean meal sales were recorded at 34,900. New-crop soybean meal=53,900 mt. Soyoil sales were estimated at 29,200 mt.