Demand to push up corn, soybean prices
DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group corn, soybean and wheat markets are seen higher.
The early calls for the commodities on Thursday, February 28, 2013, are higher. Corn is seen opening 5-7 cents higher. Soybeans are seen 7-9 cents higher and wheat 7-9 cents higher.
In overnight trading, the March corn futures contract traded 4 cents higher at $7.13 per bushel. March soybean futures traded 5 cents higher at $14.63 per bushel, and March wheat traded 9 cents higher at $7.13. For March soybean meal futures, the contract traded $3.20 per short ton higher at $432.50. March soybean oil futures traded $0.10 cents lower at $49.17.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.
On Thursday, the USDA released its weekly Export Sales Report.
For corn, exports totaled 512,600 mt vs. the trade's expectations of between 300,000-475,000 metric tons,.
USDA pegged U.S. soybean sales at 1.171 mmt vs. the trade's expectations of between 525,000-925,000 metric tons
The U.S. wheat weekly exports totaled 524,900 mt vs. the trade's expectations of between 550,000-725,000 metric tons.