Soybeans could push higher Thursday
DES MOINES, Iowa (Agriculture.com)--A weak overnight market is expected to have a follow-through affect on the CME Group corn and wheat prices Thursday. However, a strong USDA Export Sales Report could benefit soybean prices.
The early calls for the commodities on Thursday, February 7, 2013, are lower. Corn is seen opening 4-6 cents lower. Soybeans are seen 1-2 cents higher and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 4 cents lower at $7.18 per bushel. March soybean futures traded 1 cent lower at $14.87 per bushel, and March wheat traded 2 cents lower at $7.59. For March soybean meal futures, the contract traded $0.10 per short ton higher at $437.70. March soybean oil futures traded $0.08 cent lower at $52.37.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.
On Thursday, the USDA released its Weekly Export Sales Report.
For corn, sales were totaled at 160,400 vs. the trade's expectations of 150,000-400,000 metric tons.
U.S. soybean sales remained strong at 1.66 million metric tons vs. the trade's expectations of 800,000-1,300,000 metric tons
Wheat sales totaled 300,800 mt vs. the trade's expectations of 200,000-500,000 metric tons
In its report, USDA totaled U.S. soybean meal exports at 196,300 mt vs. the trade's 75,000-225,000 metric tons.