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Early calls for the commodities

07/21/2010 @ 11:00pm

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, July 22, 2010 are higher. The early calls for corn are 2-4 cents higher, soybeans 7-9 cents higher and wheat up 10-12 cents.

In overnight electronic trading, the Dec. corn futures contract traded 2 3/4 cents higher at $3.96 1/4 per bushel. The Nov. soybean futures contract traded 7 1/2 cents higher at $9.86 per bushel. The Sep. wheat futures contract traded 11 3/4 cents higher at $6.00. For Dec. soymeal futures, the contract traded $0.50 per short ton higher at $285.50, and Dec. soyoil up $0.65 at $39.70.

The outside markets are supportive for Thursday's grain trade. The real factor driving the higher early calls is the higher overnight market. 

Two reports to pass along this morning, one being bullish and the other bearish; Weekly Export Sales and the June Soybean Crush. First, the June Census Soybean Crush report came in at 129.166 million bushels. That is below the average trade guess at 132 million bushels.That's bearish for the bean complex.

USDA Weekly Export Sales report is bullish. For corn, the USDA reported sales of 1.163 million metric tons, while the trade expected between 850-1,000,000 metric tons. USDA says the soybean sales, last week, totaled 1.271 million metric tons, larger than the trade guesses between 550-950,000 metric tons. Soybean meal sales came in at 135,800 metric tons, within the trade guesses between 75-150,000MT, and wheat sales were 382,000, below trade estimates between 850-1,000 metric tons. 

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