Corn, wheat to open stronger
CHICAGO, Illinois (Agriculture.com)--With help from export sales and the overnight trade, the CME Group corn and wheat markets are expected to trade higher Thursday.
The early calls for the commodities on Thursday, April 11, 2013, are mostly higher.
In overnight trading, the May corn futures contract traded 5 cents higher at $6.54 per bushel. May soybean futures traded 5 cents lower at $13.88 per bushel, and May wheat traded 4 cents higher at $7.01. For May soybean meal futures, the contract traded $1.10 per short ton lower at $391.80. May soybean oil futures traded $0.22 cents lower at $49.81.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be weekly export sales and the mostly higher overnight markets.
On Thursday, USDA released its Weekly Export Sales Report.
For U.S. corn sales, the USDA estimates exports at 476,000 metric tons vs. the trade's expectation of between 250,000-500,000 metric tons
Soybean sales totaled 383,700 mt vs. the trade's expectation of between 500,000-800,000 metric tons . For soybean meal, sales totaled 234,600 mt vs. the trade's expectation of between 75,000-200,000 metric tons
U.S. weekly wheat sales were estimated at 339,500 mt vs. the trade's expectation of between 300,000-600,000 metric tons,