Higher farm markets seen Thursday
Despite nice rainfalls in the eastern Corn Belt, the CME Group corn, soybean and wheat markets are expected to start higher Thursday.
The Early Calls for the commodities on Thursday, August 9, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 4-6 cents higher, and wheat 6-8 cents higher.
In overnight trading, the Dec. corn futures contract traded 8 cents higher at $8.24 per bushel. Nov. soybean futures traded 7 1/2 cents higher at $15.88 3/4 per bushel, and Sept. wheat traded 6 1/2 cents higher at $9.05 3/4. For soybean meal futures, the Dec. contract traded $2.30 per short ton higher at $480.00. Dec. soybean oil futures traded $0.24 higher at $52.63.
The outside markets are mostly unfavorable forThursday's grain trade. The real factors driving the calls will be the higher overnight markets.
USDA releases neutral-to-friendly Weekly Export Sales Thursday.
For corn, sales were totaled at 1.103 million metric tons vs. the trade's expectation of 1.0-2.0 mt.
Soybean exports, as of Sunday, were estimated at 300,600 mt vs. the trade's expectation of 200,000-450,000 mt.
USDA pegged U.S. wheat sales at 665,000 mt vs. the trade's expectation of between 400,000-650,000 mt.