Early calls for corn, wheat, and soybeans
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Thursday, August 26, 2010 are higher. The early calls for corn are 5-7 cents higher, soybeans and wheat up 8-10 cents.
In overnight electronic trading, the Dec. corn futures contract traded 5 1/2 cents higher at $4.25 1/2 per bushel. The Nov. soybean futures contract traded 10 cents higher at $10.09 per bushel. The Dec. wheat futures contract traded 10 1/2 cents higher at $6.91. For Dec. soymeal futures, the contract traded $2.00 per short ton higher at $294.00, and Dec. soyoil up 0.49 point at $40.21.
The outside markets are supportive for Thursday's grain trade. The real factors driving the higher early calls are the higher overnight markets and friendly USDA weekly export sales.
Thursday, the USDA released friendly weekly export sales. For corn, USDA estimated sales at 1.732 million metric tons, the trade expected between 1.0-1.2mmt.
For soybeans, the USDA estimated sales at 991,800 mmt, trade expected 900,000-1.0 mmt.
USDA estimated U.S. wheat sales at 1.08 mmt, trade expected 750-900,000 mt.
In its report, the USDA estimated soymea sales at 174,700 mt, trade expected 100-200,000mt. Soyoil weekly sales were estimated at 16,000 mt.