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Early calls for corn, wheat, and soybeans

08/19/2010 @ 7:42am

CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, August 19, 2010 are higher. The early calls for corn are 3-5 cents higher, soybeans up 3-5 cents and wheat 12-14 higher.

In overnight electronic trading, the Dec. corn futures contract traded 1 1/2 cents higher at $4.34 3/4 per bushel. The Nov. soybean futures contract traded 4 1/4 cents higher at $10.35 per bushel. The Sep. wheat futures contract traded 18 1/2 cents higher at $7.07 1/4. For Dec. soymeal futures, the contract traded $0.70 per short ton higher at $300.70, and Dec. soyoil up 0.50 point at $41.60.

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

USDA announces extremely large weekly export sales Thursday. And a  record for soybean exports.  

For corn, USDA announced export sales at 2.884 million metric tons, the trade expected between 1.3-1.7 mmt. Soybean export sales were estimated at 2.182 million metric tons, the trade expected 1.9-2.2 mmt. USDA announced wheat sales at 1.41 mmt, the trade expected between 950,000-1.25.

For soyoil, the USDA estimated weekly export sales at 12,300 metric tons, and soymeal at 225,300 metric tons.

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