Lower farm markets Thursday
With some recovery in lower overnight trading, the CME Group farm futures prices are expected to remain mostly lower for Thursday's day-session.
The Early Calls for the commodities on Thursday, October 20, 2011, are mostly lower.
In overnight electronic trading, the Dec. corn futures contract traded 2 cents lower at $6.36 1/2 per bushel. The Nov. soybean futures contract traded 4 3/4 cents lower at $12.20 1/4 per bushel. The Dec. wheat futures contract traded 1/2 of a cent higher at $6.20. For Dec. soymeal futures, the contract traded $0.50 per short ton lower at $318.80 and Dec. soyoil $0.15 lower at $51.33.
The outside markets are supportive for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.
Meanwhile, USDA releases bearish Weekly Export Sales Thursday.
For corn, sales are estimated at 1.843 million metric tons vs. the trade expectations for 2 to 2.5 million metric tons.
Soybean exports are estimated at 594,700 mt, compared to the trade's expectations of 900,000 metric tons.
USDA pegged U.S. wheat exports, from the past week, at 399,400 mt vs. the trade's expectations of 500,000 mt.
Soymeal exports came have the best story to tell with 349,400 mt, compared to the trade's expectations of 125,000 mt. Soyoil exports are etimated at 6,100 mt.