Soybeans, Wheat to Trade Up Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Thursday, August 14, 2014, are mostly stronger. Corn is seen opening 1 to 2 cents lower, soybeans 2 to 4 cents higher, and wheat 2 to 4 cents higher.
In overnight trading, the Dec. corn futures contract traded 1/4 cent lower at $3.69 per bushel. Nov. soybean futures traded 1 3/4 cents higher at $10.48. The Sep. wheat futures contract traded 2 cents higher at $5.30. For Dec. soybean meal futures, the contract traded $2.20 per short ton higher at $344.30; Dec. soybean oil futures traded $0.49 lower at $33.83.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.
USDA Weekly Export Sales Thursday show that soybeans and corn beat, wheat fell below expectations:
Wheat = 338,700 metric tons vs. the trade's expectations of between 450,000 and 650,000 metric tons.
Corn = 904,900 metric tons vs. the trade's expectations of between 600,000 and 900,000 metric tons.
Soybeans = 1.14 million metric tons vs. the trade's expectations of between 850,000 and 1,100,000 metric tons.
Soybean meal = 121,100 metric tons vs. the trade's expectations of between 300,000 and 625,000 metric tons.