Mixed corn, soybean markets expected Thursday
With weak Weekly Export Sales data and a mostly weaker overnight trade, the CME Group corn, soybean and wheat markets have little support to start the open outcry trading higher Thursday.
The Early Calls for the commodities on Tuesday, September 13, 2012, are mostly lower. Corn is seen opening 2-4 cents lower, soybeans 5-7 cents lower, and wheat 2-4 cents higher.
In overnight trading, the Dec. corn futures contract traded 1/4 of a cent lower at $7.69 per bushel. November soybean futures traded traded 5 cents lower at $17.40 per bushel, and Dec. wheat traded 4 1/4 cents higher at $8.94 3/4. For Dec. soybean meal futures, the contract traded $2.10 per short ton lower at $530.00. Dec. soybean oil futures traded $0.16 higher at $56.64.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.
USDA's Weekly Export Sales appear to be pretty weak Thursday.
For corn, weekly export sales were reported at 215,800 vs.the trade's range of 200,000-400,000 metric tons.
Soybean sales were totaled at 570,000 mt vs. the trade's estimate of 500,000-800,000 mt.
Wheat exports were reported at 381,800 mt vs. the trade's estimate of 300,000-600,000 mt.