Early calls for the corn, soybean, and wheat markets
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, September 2, 2010 are higher. The early calls for corn are 1-2 cents higher, soybeans 2-4 higher and wheat up 6-8 cents.
In overnight electronic trading, the Dec. corn futures contract traded 3/4 of a cent lower at $4.46 per bushel. The Nov. soybean futures contract traded 2 cents higher at $10.07 1/2 per bushel. The Dec. wheat futures contract traded 6 3/4 cents higher at $7.15 1/2. For Dec. soymeal futures, the contract traded $1.20 per short ton higher at $294.80, and Dec. soyoil up 0.04 point at $40.16.
The outside markets are supportive for Thursday's grain trade. The real factors driving the higher early calls are the higher overnight markets.
The weekly Export Sales were bullish for corn and wheat, bearish for soybeans.
For corn, USDA reported sales of 1.71 million metric tons, the trade expected 1-1.13 million.
For soybeans, the weekly sales were 613,900, vs. the trade's expectation of 700-900,000.
USDA estimated U.S. wheat sales at 1.02 million metric tons vs. the trade's thoughts of 750-950,000 metric tons.
For soymeal, USDA pegged sales at 378,400 metric tons, while the trade expected 100-200,000 metric tons. Soyoil sales were 12,300.