Corn, soybean trade seen up slightly
Today's CME Group corn, soybean and wheat trading are expected to rise.
The Early Calls for the commodities on Thursday, November 29, 2012, are higher. Corn is seen opening 1-2 cents higher, soybeans 7-9 cents higher, and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 1 cent higher at $7.65 per bushel. Jan. soybean futures traded 9 cents higher at $14.55 per bushel, and March wheat traded 1/2 of a cent higher at $8.91. For Jan. soybean meal futures, the contract traded $3.40 per short ton higher at $436.10. Jan. soybean oil futures traded $0.27 higher at $50.65.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the slightly higher overnight markets.
USDA released bearish Weekly Export Sales Report Thursday.
For corn, U.S. sales were recorded at 263,500 mt vs. the trade's expectations of 400,000-650,000 metric tons.
Soybean exports totaled 319,000 mt vs. the trade's thoughts of between 500,000-700,000 mt.
U.S. weekly wheat sales totaled 279,300 mt vs. the trade's expectations of 300,000-500,000 mt.
For soybean meal, USDA reported sales of 365,100 mt vs. the trade's expectations of 100,000-250,000 mt. And, soyoil sales totaled 122,500 mt.