Soybeans seen higher, corn mixed Thursday
With higher overnight markets but weaker-than-expected export sales and outside market pressure, the expected higher start to the CME Group corn, soybean and wheat markets could be challenged Thursday.
The Early Calls for the commodities on Thursday, May 17, 2012, are mostly higher. Corn is seen opening mixed, wheat 1-2 cents higher and soybeans 10-12 cents higher.
In overnight trading, the July corn futures contract traded 1 cent lower at $6.19 per bushel. July soybean futures traded 11 1/4 cents higher at $14.33 1/4 per bushel, and July wheat traded 1 3/4 cents higher at $6.40 1/2. For July soybean meal futures, the contract traded $4.90 per short ton higher at $429.90. July soybean oil futures traded $0.09 higher at $50.52.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mixed overnight markets.
USDA releases mild-to-weak Weekly Export Sales for corn and soybeans Thursday.
Weekly corn sales were estimated at 865,100 mt of sales vs. the trade's expectation of 800,000-1.4 million metric tons.
Soybean export sales were recorded at 663,400 mt of sales vs. the trade's expectation of 1.1 million-to-1.6 mmt.
Wheat exports totaled 711,400mt vs. the trade's expectation of between 400,000-800,000 mt.