Corn prices march even higher
The CME Group corn market is piling on the gains, in recent weeks. And that positive momentum will continue Thursday.
The Early Calls for the commodities on Thursday, June 28, 2012, are mostly higher. Corn is seen opening 10-11 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded 10 3/4 cents higher at $6.60 per bushel. July soybean futures traded 2 3/4 cents higher at $14.73 3/4 per bushel, and July wheat traded 1 1/2 cents lower at $7.30 1/2. For July soybean meal futures, the contract traded $2.00 per short ton higher at $430.00. July soybean oil futures traded $0.15 lower at $51.21.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.
USDA releases friendly soybean Weekly Export Sales figures:
Corn=292,800 mt vs. the trade's expectations of 150,000-500,000 mt.
Soybeans=793,100 mt vs. the trade's expectations of 525,000-925,000 mt.
Wheat=324,500 mt vs. the trade's expectations of 600,000-800,000 mt.
Soybean Meal=261,200 mt vs. the trade's expectations of 125,000-225,000 mt.