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Early calls for corn, wheat, and soybeans

09/23/2010 @ 7:57am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, September 23, 2010 are mostly lower. The early calls for corn are 2-4 cents lower, soybeans 2-4 cents higher, and wheat 7-9 cents lower.

In overnight electronic trading, the Dec. corn futures contract traded 6 1/2 cents lower at $4.98 1/2 per bushel. The Nov. soybean futures contract traded 1/4 of a cent lower1at $10.88 1/4 per bushel. The Dec. wheat futures contract traded 13 3/4 cents lower at $7.06. For Dec. soymeal futures, the contract traded $1.70 per short ton lower at $308.70, and Dec. soyoil up 0.23 point at $43.49.

The outside markets are not supportive for Thursday's grain trade. The real factors driving the mostly lower early calls are the lower overnight markets. However, Thursday's USDA Weekly Export Sales report is market-friendly, with a stronger report vs. a week ago.

In its report, USDA estimates U.S. corn sales at 561,800 metric tons, compared to the trade expectation of 550-800,000mt.

For soybeans,  USDA estimates sales at 1.08 million metric tons vs. trade at 450,650,000mt.

USDA estimates U.S. wheat sales at 459,800, within the trade estimates of 400-700,000mt.

For soymeal, USDA pegged sales at 131,600 metric tons  vs. the trade at 75-125,000mt. Soyoil sales were estimated at 103,600 weekly sales.

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