Corn, soybeans to start higher Thursday
With support from the overnight markets, favorable outside markets, and strong weekly export sales data, the CME Group corn market is poised to lead all commodities higher Thursday.
The Early Calls for the commodities on Thursday, April 12, 2012, are higher.
Corn is seen opening 2-4 cents higher, soybeans 5-7 cents higher and wheat 2-4 cents higher.
In overnight trading, the July corn futures contract traded 1 cent higher at $6.28 per bushel. July soybean futures traded 5 3/4 cents higher at $14.30 per bushel, and July wheat traded 2 1/2 cents higher at $6.36. For July soybean meal futures, the contract traded $3.10 per short ton higher at $392.00. July soybean oil futures traded $0.06 higher at $56.90.
The outside markets are friendly for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.
On Thursday, USDA Weekly Export Sales are bullish for corn market.
For corn, the sales estimate is 975,800 mt vs. the trade's expectations of 625,000 metric tons (mt). Soybean export sales are estimated at 636,400 mt compared to the trade's expectations of 900,000 mt.
USDA reported weekly U.S. wheat sales at 515,500 mt vs. the trade's expectations of 500,000 mt. For soymeal, the weekly sales came in at 162,700 mt.