Early calls for commodities
DES MOINES, Iowa (Agriculture.com) The Early Calls for commodities are sharply lower Thursday, September 22, 2001.
With the Fed Reserve's announcement Wednesday, on its latest attempt to boost the economy, going over like a lead balloon, the CME Group farm markets are expected to get hit hard.
The pre-opening prices for corn and wheat are seen 18-20 cents lower, and soybeans 20-21 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 19 1/4 cents lower at $6.66 1/2 per bushel. The Nov. soybean futures contract traded 23 1/2 cents lower at $12.97 per bushel. The Dec. wheat futures contract traded 19 cents lower at $6.47 3/4. For Dec. soymeal futures, the contract traded $6.20 per short ton higher at $338.00 and Dec. soyoil $0.88 lower at $54.46.
The outside markets are not supportive for Thursday's grain trade. The real factors driving the calls are the sharply lower overnight markets.
The USDA released mostly bearish data in its Weekly Export Sales Report Thursday. The USDA released friendly Weekly Export Sales for wheat, but unfriendly data for corn and soybeans. The USDA released friendly Weekly Export Sales for wheat, but unfriendly data for corn and soybeans.
For corn, the weekly sales were estimated at 598,100 metric tons vs. the trade's expectation of 650,000 mt. The weekly soybean sales were 404,400 mt vs. the trade's expectations of 400,000 mt. Wheat exports were estimated at 679,500 mt vs. the trade's expectations of 475,000 mt.