Farm markets seen opening lower
The CME Group corn, soybean and wheat markets could start lower and turn higher, as fresh demand hits the market Thursday.
The Early Calls for the commodities on Thursday, February 16, 2012, are mostly lower. Corn is seen opening 2-4 cents lower, soybeans 3-5 cents lower and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 2 1/4 cents lower at $6.24 3/4 per bushel. March soybean futures traded 7 cents lower at $12.54 per bushel, and March wheat traded 1 1/4 cents higher at $6.27 1/4. For March soybean meal futures, the contract traded $1.90 per short ton lower at $330.90. March soybean oil futures traded $0.47 lower at $52.88.
The outside markets are not favorable for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.
On Thursday, fresh demand has been announced. China announces Thursday purchase agreements for 8.62 mmt of U.S. soybeans. More to come this week, as a Chinese delegation makes its way across the U.S.
A S. Korea buyer purchased 134,000 mt of corn, with about half optional-origin and the other half U.S. corn. Plus, a S. Korea feedmill buyer purchased 189,000 mt of U.S. corn Thursday.