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Early calls for commodities

09/01/2011 @ 7:55am

DES MOINES, Iowa  (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, September 1, 2011 are lower. Corn and wheat are seen opening 7-10 cents lower, and soybeans 10-12 cents lower. 

In overnight electronic trading, the Dec. corn futures contract traded 7 3/4 cents lower at $7.59 3/4 per bushel. The Nov. soybean futures contract traded 12 3/4 cents lower at $14.44 3/4 per bushel. The Dec. wheat futures contract traded 9 1/4 cents lower at $7.82 1/4. For Dec. soymeal futures, the contract traded $3.30 lower at $384.50 and Dec. soyoil $0.57 lower at $58.50. 

The outside markets are not supportive for Thursday's grain trade. The real factors driving the calls are the lower overnight markets. 

On Thursday, the USDA released neutral-to-negative Weekly Export Sales numbers.

For old crop corn, the report shows (-320,900 mt) vs. the trade's expectations of (-100 to -150,000 mt). For new crop corn, the USDA estimates sales at 957,900 vs. the trade's expectations of 200 to 800,000 mt.

The government estimates U.S. soybean sales at 593,800 mt for 2011-12 vs. the trade expectations of 200,000-800,000 mt.

Wheat export sales were estimated at 369,200mt vs. the trade's expectation of 350 to 600,000 mt.


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