Home / News / Crops news / A surge in grain, soy prices Thursday

A surge in grain, soy prices Thursday

03/08/2012 @ 7:42am

With favorable outside markets,  bullish fundamentals and positioning ahead of an expected bullish USDA Report tomorrow, the CME Group corn and wheat markets are set to start the trading session higher Thursday. 

The Early Calls for the commodities on Thursday, March 8, 2012, are  higher. 

Corn is seen opening 5-7 cents higher, soybeans 7-9 cents higher and wheat 8-10 cents higher.

In overnight trading, the May corn futures contract traded 4 3/4 cents higher at $6.43 1/2 per bushel. May soybean futures traded 7 cents higher at $13.33 3/4 per bushel, and May wheat traded 7 1/2 cents higher at $6.46 3/4. For May soybean meal futures, the contract traded $0.60 per short ton lower at $363.90. May soybean oil futures traded $0.68 higher at $53.66.

The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.

On Thursday, the USDA released friendly Weekly Export Sales for soybeans.

For the week ending March 1, the USDA estimates U.S. corn sales at 505,700 mt, an amount that is at the low end of the trade's expectations of 500-750,000.

For soybeans, sales of 1.65 million metric tons are above the trade's expectations of 600-900,000mt.

USDA estimates U.S. wheat weekly sales at 578,100mt, within the trade's expectations of 300-600,000 mt.


Discuss the corn, soybean and wheat markets in Marketing Talk.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

USDA Data Is Friendly, Soybeans Don't… By: 12/10/2014 @ 10:14am DES MOINES, Iowa (Agriculture.com)—The strong pace of U.S. exports has encouraged the USDA to…

Pre-USDA, Markets Drop Wednesday By: 12/10/2014 @ 8:53am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat…

Corn, Soybeans Seen Extending Gains By: 12/10/2014 @ 5:52am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]