Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, July 14, 2011 are mostly higher. Corn is seen opening 1-2 cents higher, soybeans up 7-9 cents, and wheat 4-6 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded even at $6.79 3/4 per bushel. The Nov. soybean futures contract traded 7 1/4 cents higher at $13.87 per bushel. The Sep. wheat futures contract traded 6 3/4 cents lower at $7.07 3/4. For Dec. soymeal futures, the contract traded $0.90 higher at $361.30 and Dec. soyoil $0.27 higher at $58.80.
The outside markets are not supportive for Thursday's grain trade. The real factors driving the calls are the mostly higher overnight markets.
USDA releases friendly Weekly Export Sales Thursday. Corn sales were estimated at 1.681 million metric tons vs. the trade estimate of 1.5 mmt-2.0 mmt.
Soybean sales were 656,200 mt vs. the trade estimate of 450,000-650,000 mt.
Wheat exports were 519,000 vs. the trade estimates of 350,000-650,000 mt.