Home / Markets / Markets Analysis / CBOT trade tracks mostly higher on export sales, overnight strength

CBOT trade tracks mostly higher on export sales, overnight strength

Agriculture.com Staff 11/23/2007 @ 9:37am

Chicago Board of Trade (CBOT) corn, soybean and wheat futures are expected to trade slightly higher before the mid-day end to the trading day, according to Dow Jones Newswires reports. Much of the bullishness in Friday's trade, reports indicate, will come from spillover strength from overnight trading.

Overnight on the eCBOT, March corn traded up 1 1/4 cents to settle at $4.00. March wheat was 1 1/2 cents higher at $8.27 1/2 and January soybeans traded 7 1/4 cents higher to finish the session at $10.91 1/4. January soymeal saw the only decline in the overnight trade, settling 3 cents lower at $293 per ton.

To open Friday morning's CBOT trade, soybeans were called up 7-10 cents, wheat up 2-4 cents and corn up 1-3 cents, according to a Dow Jones Newswires report.

For the corn trade, a bullish export sales outlook helped bolster early trade estimates. Earlier this week, USDA pegged corn export sales numbers at 1.847 million metric tons for the week ending November 15, slightly higher than the 1.000- to 1.550-million-metric-ton range estimated by analysts earlier in the week.

Turning to soybeans, the trade is also influenced by a strong showing in the overnight trade. A higher export outlook is seen continuing the bullish trend, though analysts suspect the large export sales total may already be factored in to the market. With Friday's early close, analysts also expect a volatile return to business at the CBOT open on Monday morning, according to a Dow Jones Newswires report.

The wheat market's overnight move -- the smallest of the session -- is expected to unfold into a higher trade in Friday's shortened session, analysts say. Reports of new export sales -- including a 342,000-metric-ton sale to India -- combined with a USDA weekly export sales number near what analysts expected (510,500 metric tons for the week ending November 15) have expectations for a higher wheat trade for Friday.

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Chicago Board of Trade (CBOT) corn, soybean and wheat futures are expected to trade slightly higher before the mid-day end to the trading day, according to Dow Jones Newswires reports. Much of the bullishness in Friday's trade, reports indicate, will come from spillover strength from overnight trading.

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