Corn, wheat seen trading higher Thursday
The CME Group commodities have a strong chance to trade higher Thursday, depending upon this morning's USDA Weekly Export Sales Report at 7:30am CT and more positioning ahead of tomorrow's USDA Reports.
The early calls for the commodities on Thursday, January 10, 2012, are mostly higher. Corn is seen opening 3-5 cents higher. Soybeans are seen mixed and wheat 4-6 cents higher.
In overnight trading, the March corn futures contract traded 3 cents higher at $6.97 per bushel. January soybean futures traded 1 cent lower at $14.18 per bushel, and March wheat traded 7 cents higher at $7.53. For January soybean meal futures, the contract traded $0.70 per short ton higher at $411.30. Jan. soybean oil futures traded $0.10 cents higher at $49.22.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.