Corn, soybeans seen working higher Friday
DES MOINES, Iowa (Agriculture.com)--Though trending lower overnight, this morning's USDA Weekly Export Sales Report for soybeans beat expectations and could help CME Group prices move higher throughout the session Friday.
The early calls for the commodities on Friday, November 16, 2012, are lower. Corn is seen opening 2 to 4 cents lower, soybeans 10 to 11 cents lower, and wheat mixed.
In overnight trading, the December corn futures contract traded 5 cents lower at $7.16 per bushel. January soybean futures traded 12 cents lower at $13.79 per bushel, and December wheat traded 1 cent higher at $8.62. For December soybean meal futures, the contract traded $5.50 per short ton lower at $425.00, and December soybean oil futures traded 51 cents lower at $46.95.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets combined with the USDA Export Sales Report.
In its report, USDA estimates weekly corn sales at 312,100 mt vs. the trade's expectations of 150,000 to 400,000 mts.
For soybeans, sales were pegged at 585,200 mt vs. the trade's expectations of 200,000 to 500,000 mt. Wheat exports came in at 314,600 mt vs. the trade's expectations of 200,000 to 400,000 mts. USDA estimates weekly soybean meal at 234,600 mt vs. the trade's expectations of 100,000 to 200,000 mts. And soyoil sales were pegged at 21,000 vs. the trade's expectation of 20,000 to 50,000 mts.