Farm markets to start lower Friday
For Friday, the CME Group corn, soybean and wheat markets are poised to trade slightly lower. However, steady-to-firm weekly export sales reported Friday could boost prices into positive territory.
The early calls for the commodities on Friday, January 25, 2013, are lower. Corn is seen opening 2-4 cents lower. Soybeans are seen 2-4 cents lower and wheat 2-4 cents lower.
In overnight trading, the March corn futures contract traded 1 cent lower at $7.23 per bushel. March soybean futures traded 1 cent lower at $14.34 per bushel, and March wheat traded 2 cents lower at $7.66. For March soybean meal futures, the contract traded $0.20 per short ton lower at $414.50. March soybean oil futures traded $0.23 cents lower at $51.88.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight market.
On Friday, the USDA released its Weekly Export Sales Report, delayed a day to this week's holiday.
USDA releases bullish wheat export sales, friendly soybeans and neutral-to-friendly corn sales Friday:
For corn, USDA estimates sales at 189,800 mt vs. the trade's expectations of 150,000-350,000 metric tons (mt).
As of Sunday, the weekly soybean sales were totaled at 978,300 mt vs. the trade's expectations of 700,000-1.2 million mt.
In its report, the USDA estimated U.S. wheat exports at 647,500 mt vs. the trade's expectations of 300,000-550,000 mt.
For soymeal, weekly sales were estimated at 218,000 mt vs. the trade's expectation of 150,000-300,000 mt.