Corn, soybean prices to climb
With sharply higher overnight grain markets, the CME Group corn, soybean and wheat markets are seen opening higher Thursday.
The Early Calls for the commodities on Thursday, April 19, 2012, are higher.
Corn is seen opening 10-12 cents higher, soybeans 9-11 cents higher and wheat 10-11 cents higher.
In overnight trading, the July corn futures contract traded 12 1/4 cents higher at $6.06 1/4 per bushel. July soybean futures traded 13 1/4 cents higher at $14.27 per bushel, and July wheat traded 10 1/4 cents higher at $6.26. For July soybean meal futures, the contract traded $2.80 per short ton higher at $396.70. July soybean oil futures traded $0.33 higher at $55.93.
The outside markets are unfriendly forThursday's grain trade. The real factors driving the calls will be the sharply higher overnight markets.
The USDA Weekly Export Sales are bearish Thursday.
In its report, the USDA estimates the U.S. corn sales at 298,000 mt compared to the trade's estimate of 675,000 metric tons (mt).
The soybean exports were estimated at 845,000 mt vs. the trade's expectation of 900,000 mt.
U.S. weekly wheat sales are 442,200 mt vs. the trade's expectation of 550,000 mt.