Mixed corn, soybean trade seen Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mixed. The USDA released market-friendly weekly export sales Thursday.
The early calls for the commodities on Thursday, August 1, 2013, are mixed. Corn is seen opening 2 to 3 cents lower, soybeans 6 to 8 cents higher, and wheat 2 to 4 cents lower.
In overnight trading, the Sept. corn futures contract traded 3 cents lower at $4.95 per bushel. Dec. corn futures traded 5 cents lower at $4.74 per bushel. Aug. soybean futures traded 8 cents higher at $13.82, while the Nov. soybean futures traded 1 cent higher at $12.07. The Sept. wheat futures contract traded 2 cents lower at $6.62. For Dec. soybean meal futures, the contract traded $1.20 per short ton lower at $364.00; Dec. soybean oil futures traded 55 cents higher at $43.25.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mixed overnight markets.
On Thursday, the USDA released its weekly export sales report. Here are the market-friendly numbers:
Wheat sales= 596,900 metric tons vs. the trade's expectations of 500,000 to 700,000 metric tons
Corn sales= 1.22 million mt vs. the trade's expectations of 475,000 to 875,000 metric tons.
Soybean sales= 1.108 mmt vs. the trade's expectations of 400,000 to 800,000 metric tons.
Soybean meal sales= 331,400 mt vs. the trade's expectations of 125,000 to 275,000 metric tons.