Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, June 16, 2011 are lower. Corn is seen opening 10-12 cents lower, soybeans 12-14 cents lower and wheat 8-10 cents lower.
In overnight electronic trading, the July corn futures contract traded 13 1/4 cents lower at $7.12 1/2 per bushel. The July soybean futures contract traded 15 1/4 cents lower at $13.52 3/4 per bushel. The July wheat futures contract traded 10 1/2 cents lower at $6.98. For July soymeal futures, the contract traded $3.70 lower at $356.30 and July soyoil $0.83 lower at $56.22.
The outside markets are not supportive for Thursday's grain trade. The real factors driving the sharply lower early calls are the lower overnight markets.
Meanwhile, USDA released friendly Weekly Export Sales Thursday.
For corn, this week's export sales estimate of 894,700 metric tons is within the trade's expectations between 700,000-1.2 million metric tons.
In its report, the USDA estimates weekly soybean sales of 185,400 mt vs. expectations between 100,000 to 200,000 mt.
The weekly U.S. wheat export sales were 455.500 mt vs. the trade's estimates between 400 to 600,000 mt.
USDA estimates the weekly soymeal sales at 80,100mt, and soyoil at 10,700 mt.