Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, July 21, 2011 are mostly lower on easing weather concerns and profit-taking. Corn is seen opening 3-5 cents lower, soybeans up 1-2 cents, and wheat 1-2 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 5 cents lower at $6.72 3/4 per bushel. The Nov. soybean futures contract traded 2 cents higher at $13.86 per bushel. The Sep. wheat futures contract traded 1/2 of a cent lower at $6.96 1/2. For Dec. soymeal futures, the contract traded $0.60 lower at $366.90 and Dec. soyoil $0.03 higher at $57.73.
The outside markets are supportive for Thursday's grain trade. The real factors driving the calls are the lower overnight markets.
USDA released neutral-to-friendly Weekly Export Sales Thursday.
Old crop corn sales equaled 428,700 metric tons vs. trade estimates of 250-500,000 mt. New crop corn sales were 472,800 mt vs. the trade estimates between 500-800,000 mt.
Old crop soybean sales were 257,000 mt vs. the trade estimates of 100-100,000-plus mt. New crop soybean sales equaled 188,900 mt vs. the trade estimates of 300-600,000 mt.
For wheat, the export sales were 403,500 mt vs. the trade's expectations of 300-500,000 mt.