Corn, soybean markets to rise
Strong overnight markets have the the start of the CME Group soybean, wheat and corn day-trading session looking higher Thursday. Despite a higher open, weaker-than-expected weekly corn export sales released at 7:30am could pull corn lower.
The Early Calls for the commodities onThursday, May 24, 2012, are higher. Corn is seen opening 4-6 cents higher, wheat 7-9 cents higher and soybeans 12-14 cents higher.
In overnight trading, the July corn futures contract traded 4 1/4 cents higher at $6.07 3/4 per bushel. July soybean futures traded 14 1/2 cents higher at $13.77 per bushel, and July wheat traded 7 1/2 cents higher at $6.73. For July soybean meal futures, the contract traded $3.60 per short ton higher at $409.40. July soybean oil futures traded $0.59 higher at $49.50.
The outside markets are mostly unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.
USDA, in its Weekly Export Sales Report, releases negative corn sales and friendly wheat and soybean numbers Thursday.
For corn, USDA estimates sales of 482,000 mt vs. the trade's expectations of 900,000-1.1 million metric tons.
Soybean sales came in at 953,700 mt vs. the trade's expectation of 700,000-1.1mmt.
USDA pegged U.S. wheat sales at 827,000mt vs. the trade's expectations of 400,000-800,000mt.
Soymeal sales were estimated at 176,600 mt, and soyoil exports totaled 24,000 mt.