Home / News / Crops news / A turn lower seen for grain trade

A turn lower seen for grain trade

02/02/2012 @ 7:27am

A reversal is expected in today's CME Group corn, soybean and wheat markets vs. yesterday's higher trading.

The Early Calls for the commodities on Thursday, February 2, 2012, are lower. Corn is seen opening 7-9 cents lower, soybeans 6-8 cents lower, and wheat 9-10 cents lower.

In overnight trading, the March corn futures contract traded 6 3/4 cents lower at $6.35 1/4 per bushel. March soybean futures traded 7 1/2 cents lower at $12.07 3/4 per bushel, and March wheat traded 10 1/4 cents lower at $6.64. For March soybean meal futures, the contract traded $0.20 per short ton lower at $320.30. March soybean oil futures traded $0.25 lower at $50.93.

The outside markets are not favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets. 

On Thursday,  the USDA Weekly Export Sales Report indicates strong support for the corn market and mildly friendly help for the soybean and wheat trade.

For corn, USDA reported sales of 975,000 metric tons vs. the trade's expectation of 700,000-950,000 mt. U.S. soybean exports, recorded from last week's trade, were 368,400 mt vs. the trade's expectations of 350,000-550,000 mt. Less soybean sales were expected, due to China's Lunar New Year Holiday keeping that country out the market.  

USDA reported U.S. wheat sales at 554,100 mt. vs. the trade's expectations of 400,000-600,000 mt.

For soymeal, 74,700 mt. of exports were pegged vs. the trade's expectations of 75,000-150,000 mt. Soyoil sales came in at 6,700 mt. vs. the trade's expectations of 0-10,000 mt.



Discuss corn, soybean and wheat markets in Marketing Talk. 

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Profit-taking Sinks Soybeans, Corn By: 10/24/2014 @ 8:57am DES MOINES, Iowa (Agriculture.com)—With the CME Group’s corn, soybean and wheat markets turning…

Soybeans Close 20¢ Higher Tuesday By: 10/21/2014 @ 8:39am DES MOINES, Iowa (Agriculture.com)—Slow harvest pace and buyers’ participation have underpinned…

Harvest Pressure Sinks Soybeans By: 10/20/2014 @ 8:50am DES MOINES, Iowa (Agriculture.com)— The CME Group’s corn, soybean, and wheat markets finished…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Are We In a Climate Change?