Early calls for the grains
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, December 30, 2010 are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 2-4 cents higher and wheat down 6-8 cents.
In overnight electronic trading, the March corn futures contract traded 3 1/2 cents lower at $6.20 1/2 per bushel. The March soybean futures contract traded 2 1/4 cents higher at $13.79 1/4 per bushel. The March wheat futures contract traded 10 1/4 cents lower at $7.89. For March soymeal futures, the contract traded $0.20 per short ton lower at $369.30, and March soyoil up $0.34 at $57.32.
The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the mostly lower early calls are the mostly lower overnight markets. Some analysts see the funds taking more end-of-the-year profits. Hot/dry weather remains in the seven day forecast for the Argentine corn/soybean crops
USDA releases slightly friendly Weekly Export Sales numbers Thursday.
For corn, this week's sales came in at 756,000 metric tons, while the trade expected between 750,000-1.0 million metric tons. USDA says the soybean sales were estimated at 948,200 metric tons, within the trade expectations of 900-1.05 million metric tons. For wheat, USDA reports weekly sales of 438,500 metric tons vs. the trade's expectations of 450-650,000 metric tons. Soymeal export sales were marked at 219,600 metric tons, within the trade's expectations of 175-225,000 metric tons. Soyoil export sales were 3,100 metric tons.