Grains continue post-USDA-report slump
Wednesday's losses extended into the overnight trade, and that's expected to set up a lower opening for Thursday's CME Group grain trade Thursday.
Early calls for the commodities are corn 6-9 lower, soybeans 7-10 lower and wheat 3-6 lower, according to private sources.
As of 7:08 AM CDT this morning, nearby corn was trading 7 3/4 cents lower at $6.40 3/4, while nearby soybeans were 7 1/4 lower at $12.37 3/4 and wheat was 3 cents lower at $6.25 1/4 per bushel, according to Barchart.com.
Though Wednesday's USDA crop production data appeared to be neutral to bullish upon its release, it quickly opened up to the downside, sending the grains, which traded sharply higher on Tuesday ahead of the reports, lower for the day. Overnight trading in the U.S. came alongside reports in Europe that wheat prices could now see a sustained slide in prices, according to Dow Jones Newswires reports.
- Read more: Goldman Sachs sees downside risks to wheat prices
- Also: EU wheat edges down on higher USDA crop data
On the contrary, though, China's soybean trade tipped higher Thursday after USDA trimmed U.S. soybean yields and stocks. Chinese traders said they see room for upside in their soybean trade, though one said she doesn't expect the U.S. soybean trade to "stage a significant rebound in the fourth quarter," according to a Dow Jones Newswires report.