Soybean prices to shine Friday
Firm corn cash basis, continued lowering of South America's soybean production, huge fresh exports, and a weaker U.S. Dollar all favor a higher opening for the CME Group corn, soybean and wheat markets Friday.
The Early Calls for the commodities on Friday, April 27, 2012, are higher.
Corn is seen opening 3-5 cents higher, soybeans 10-12 cents higher and wheat 2-4 cents higher.
In overnight trading, the July corn futures contract traded 3 1/2 cents higher at $6.11 per bushel. July soybean futures traded 11 1/2 cents higher at $14.91 3/4 per bushel, and July wheat traded 1/2 of a cent higher at $6.36. For July soybean meal futures, the contract traded $4.20 per short ton higher at $426.00. July soybean oil futures traded $0.12 higher at $55.87.
The outside markets are friendly for Friday's grain trade. The real factors driving the calls will be the lower estimates released Friday for South America's 2011-12 soybean output.
On Friday, the USDA announces huge export sales for U.S. corn and soybeans.
USDA announces Friday that an 'unknown' buyer purchases 1.44 million metric tons of U.S. corn for 2012-13.
--USDA announces Friday that China bought 120,000 mt of U.S. corn for 2011-12 delivery.
--USDA announces Friday that China bought 110,000 mt of U.S. soybeans for 2012-13 delivery.