Early calls for commodities
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, August 25, 2011 are lower. Corn, soybeans and wheat are seen opening 6-8 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 5 cents lower at $7.38 per bushel. The Nov. soybean futures contract traded 6 1/2 cents lower at $13.87 per bushel. The Dec. wheat futures contract traded 5 1/4 cents lower at $7.72. For Dec. soymeal futures, the contract traded $1.40 lower at $372.80 and Dec. soyoil $0.40 lower at $55.93.
The outside markets are supportive for Thursday's grain trade. The real factors driving the calls are the lower overnight markets.
On Thursday, the USDA released positive weekly corn export sales, neutral-to-friendly soybean sales, and weak wheat exports.
For corn, the weekly export sales were 536,100 metric tons vs. the trade looking for 350 to 700,000 metric tons (mt).
Soybean sales were estimated at 657,600 mt vs. the trade expectations of 400 to 1.1 million.
In it s report, the USDA estimated the U.S. weekly wheat exports at 347,100 mt vs. the trade expectations of 400,000-950,000 mt.