Home / News / Crops news / Corn, soybean markets to rise

Corn, soybean markets to rise

05/24/2012 @ 7:21am

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.


Discuss the corn, soybean and wheat markets in Marketing Talk.


CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Farmers Are Urged to Adopt Conservation… By: 07/28/2014 @ 2:09pm U.S. farmers need to wake up to adopting conservation measures, world buyers find U.S. corn carries…

Weekly Market Wrap-up: Low Prices Cure Low… By: 07/25/2014 @ 12:16pm   RELATED VIDEO       Low prices, cure low prices…

Wheat Prices Turn Higher By: 07/25/2014 @ 8:45am DES MOINES, Iowa (Agriculture.com)--Even after big, fresh export sales announced, the CME…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101