A surge in grain, soy prices Thursday
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.