Soybean market to extend big losses
On Thursday, the CME Group's corn and wheat markets are expected to start lower, while soybeans are seen sharply lower.
The early calls for the commodities on Wednesday, July 25, 2013, are lower. Corn is seen opening 2 to 4 cents lower, soybeans 35 to 40 cents lower, and wheat 2 to 4 cents lower.
In overnight trading, the Sept. corn futures contract traded 4 cents lower at $5.04 per bushel. Dec. corn futures traded 2 cents lower at $4.77 per bushel. Aug. soybean futures traded 43 cents lower at $13.49, while the Nov. soybean futures traded 23 cents lower at $12.33. The Sept. wheat futures contract traded 2 cents lower at $6.50. For Dec. soybean meal futures, the contract traded $9.10 per short ton lower at $371.40; Dec. soybean oil futures traded 49 cents lower at $43.62.
The outside markets are slightly favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.
On Thursday, USDA released its weekly Export Sales Report that indicated higher sales than expected for wheat, soybeans, and soymeal.
Here are the numbers:
--Wheat = 661,400 mt vs. the trade expectations of 400,000 to 600,000 metric tons.
--Corn = 488,000 mt vs. the trade's expectations of 600,000 to 950,000 mts.
--Soybeans = 793,500 mt vs. the trade's expectations of between 300,000 and 650,000 mts.
--Soybean meal = 329,600 mt vs. the trade's expectations of 35,000 to 150,000 metric tons.