Soybeans to lead markets higher Thursday
With a buying frenzy underway, combined with global production concerns and strong U.S. exports, the CME Group soybean market is poised for a sharply higher trade opening Thursday.
The Early Calls for the commodities on Thursday, March 15, 2012, are higher.
Corn is seen opening 5-7 cents higher, soybeans 12-14 cents higher and wheat 4-6 cents higher.
In overnight trading, the May corn futures contract traded 5 cents higher at $6.63 3/4 per bushel. May soybean futures traded 12 cents higher at $13.62 1/4 per bushel, and May wheat traded 2 1/4 cents lower at $6.40 3/4. For May soybean meal futures, the contract traded $0.20 per short ton higher at $369.20. May soybean oil futures traded $0.33 higher at $55.13.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.
Meanwhile, USDA releases friendly Weekly Export Sales Thursday for corn and soybean markets:
For corn, sales were estimated at 836,400 mt, beating the trade's expectations of 700,000 mt.
Soybean exports were pegged at 1.393 mt vs. the trade's expectations of 1.0 mmt.
USDA estimated the U.S. wheat weekly sales at 360,300 mt, sharply lower than the trade's expectations of 600,000 mt.