Early grain price calls
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, January 6, 2011 are mostly lower. Corn is seen opening mixed-to-lower, soybeans 3-4 cents lower and wheat 5-7 cents.
In overnight electronic trading, the March corn futures contract traded 1 1/2 cents lower at $6.17 3/4 per bushel. The March soybean futures contract traded 1 3/4 cents lower at $13.91 3/4 per bushel. The March wheat futures contract traded 5 3/4 cents lower at $8.02 1/2. For March soymeal futures, the contract traded $1.50 per short ton lower at $371.50, and March soyoil up $0.24 at $58.00.
The outside markets are mildly supportive for Thursday's grain trade. The real factors driving the lower early calls are the lower overnight markets and a weaker than expected Weekly Export Sales Report.
USDA released mostly weak export sales Thursday. For corn, the Weekly Export Sales report estimated last week sales of 369,000 metric tons, the trade expected 500-700,000. Soybean sales were 552,700 metric tons, while the trade expected 700-900,000. USDA says wheat sales were 464,700, above the trade expectations of 350-450,000. Soymeal sales were estimated at 29,000 vs. the trade expectations of 100-150,000 metric tons. Soyoil sales were estimated at 13,000, within the trade estimates of 10-30,000 metric tons.