Home / News / Crops news / Demand to push up corn, soybean prices

Demand to push up corn, soybean prices

02/28/2013 @ 7:41am

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.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Weekly Market Wrap-up: Low Prices Cure Low… By: 07/25/2014 @ 12:16pm   RELATED VIDEO       Low prices, cure low prices…

Wheat Prices Turn Higher By: 07/25/2014 @ 8:45am DES MOINES, Iowa (Agriculture.com)--Even after big, fresh export sales announced, the CME…

Corn, Soybeans to Move Lower Friday By: 07/25/2014 @ 7:41am On Friday, the CME Group's corn, soybean, and wheat markets are expected to start lower. The…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Weather Trumps Demand