Exports to push farm markets higher Thursday
For Thursday, the CME Group corn, soybean and wheat markets are expected to trade with a higher tone, as export sales provide support.
The early calls for the commodities on Thursday, January 17, 2013, are higher. Corn is seen opening 2-4 cents higher. Soybeans are seen 4-6 cents higher and wheat 2-3 cents higher.
Following the release of the USDA weekly Export Sales Report Thursday, the overnight trading turned higher.
In overnight tading, the March corn futures contract traded 1 cent higher at $7.29 per bushel. March soybean futures traded 5 cents lower at $14.31 per bushel, and March wheat traded 2 3/4 cents lower at $7.82. For March soybean meal futures, the contract traded $1.70 per short ton lower at $417.40. March soybean oil futures traded $0.28 cents lower at $51.03.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.
USDA released its Weekly Export Sales Report Thursday. The data helped the markets turn around from a lower overnight trend.
For corn, USDA estimates sales at 393,300 vs. the trade's expectations of 250,000-475,000 metric tons
The weekly soybean sales were totaled at 1.79 million mt vs. the trade's expectations of 550,000-750,000 mt.
U.S. wheat sales were pegged at 574,700 mt vs. the trade's ideas of 275,000-425,000 mt
For soybean meal, the USDA estimates weekly sales at 245,100 mt vs. the trade's expectations of 75,000-150,000 mt.