Sales to push up corn, soybeans
With big weekly export sales, combined with a higher overnight soybean trade, the CME Group corn and wheat markets are poised to follow the higher price trend Thursday.
The Early Calls for the commodities on Thursday, April 26, 2012, are higher.
Corn is seen opening 3-5 cents higher, soybeans 3-5 cents higher and wheat 3-5 cents higher.
In overnight trading, the July corn futures contract traded 3 cents higher at $6.14 per bushel. July soybean futures traded 1 1/4 cents higher at $14.77 1/2 per bushel, and July wheat traded 3 3/4 cents higher at $6.30 1/4. For July soybean meal futures, the contract traded $1.20 per short ton higher at $418.40. July soybean oil futures traded $0.01 lower at $56.02.
The outside markets are unfriendly for Thursday's grain trade. The real factors driving the calls will be the big weekly exports and higher overnight soybean markets.
In its Weekly Export Sales Report, the USDA released bullish data Thursday for corn and soybeans.
USDA Weekly Export Sales are friendly for corn and soybeans:
Corn sales were estimated at 826,200 mt vs. the trade's expectations of 750,000 metric tons (mt).
USDA estimates the soybean sales at 1.409 million metric tons, vs. the trade's expectations of 1.1 million metric tons.
Weekly wheat sales came in at 744,000 mt vs. the trade's estimates of 500,000 mt.