Corn closes higher
DES MOINES, Iowa (Agriculture.com)--Aside from corn closing higher on pre-report positioning, the CME Group soybean and wheat markets finished lower Thursday.
March futures corn contract settled 4 cents higher at $6.98. The Jan. soybean futures contract finished 2 cents lower at $14.17. March wheat futures closed 1 cent lower at $7.44 per bushel. The Jan. soyoil futures contract finished $0.15 higher at $49.39. The January soymeal futures closed $2.60 per short ton lower at $408.70.
In the outside markets, the NYMEX crude oil is $0.80 per barrel higher, the dollar is lower and the Dow Jones Industrials are 80 points higher.
Tim Hannagan, Alpari (U.S.) senior grain analyst, says that looking ahead to tomorrow, the reaction to the USDA Reports will be broken into two parts.
"Initial reaction will come from those who positioned themselves based on pre-report estimates. It will be a sharp knee-jerk reaction as those who either received or did not receive the numbers they expected having them panic out and others taking profits," Hannagan says. I
This initial reaction may be different than the close of the trade. "Analysts will need time to measure all numbers against near and long-term comparisons to determine whether the report is near or long term bullish or bearish."
For corn, sales were estimated at 1,000 mt vs. the trade's expectations of 100,000 to 300,000 metric tons. Soybean exports jumped to 406,800 mt vs. the trade's expectations of between 200,000 to 400,000 mt. Wheat sales at 233,700 mt were within the trade's estimates of 200,000 to 450,000 mt.