Choppy corn, soybean prices seen
The trade is expecting a choppy day of CME Group corn, soybean, and wheat prices, with a quiet overnight and little fresh news Thursday. The USDA Weekly Export Sales Report, normally released on Thursday mornings, is delayed until tomorrow due to the Veteran's Day Holiday.
The early calls for the commodities on Thursday, November 15, 2012, are mixed. Corn is seen opening 2 to 4 cents higher, soybeans 5 to 7 cents lower, and wheat 4 to 6 cents higher.
In overnight trading, the December corn futures contract traded 2 cents higher at $7.27 per bushel. January soybean futures traded 6 cents lower at $14.12 per bushel, and December wheat traded 4 cents higher at $8.53. For December soybean meal futures, the contract traded $2.90 per short ton lower at $433.10. December soybean oil futures traded 11 cents higher at $47.78.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the mixed overnight markets.