Higher farm markets seen for Friday
On Friday, the CME Group's corn, soybean and wheat markets are expected to start higher.
The early calls for the commodities on Friday, January 3, 2013, are higher. Corn is seen opening 1-2 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents higher.
In overnight trading, the CME Group electronic March corn futures traded 1/2 of a cent higher at $4.21 per bushel. The March soybean futures traded 2 cents higher at $12.72. The March wheat futures traded 1/2 of a cent higher at $5.97. The March soymeal contract traded $0.30 per short ton higher at $406.60. The March soyoil futures traded $0.05 higher at $38.85.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.
On Friday, the USDA Weekly Export Sales, (Released a day late), show that soybean sales beat expectations.
U.S. corn sales totaled 174,800 metric tons vs. the trade's expectations of 250 to 900,000 metric tons. Soybean sales were pegged at 1.180 million metric tons vs. the trade's expectatios of 400 to 900, 000 metric tons. Wheat exports totaled 256,500 metric tons vs. the trade's expectations of 200 to 600,000 metric tons.