Weak demand, weather pressures soybeans
DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group corn and soybean markets are expected to be weaker, while wheat gains s strength from demand.
The early calls for the commodities on Thursday, February 14, 2013, are lower. Corn is seen opening 1-2 cents higher. Soybeans are seen 8-10 cents lower and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 1/2 of a cent higher at $6.95 per bushel. March soybean futures traded 10 cents lower at $14.12 per bushel, and March wheat traded 2 cents higher at $7.37. For March soybean meal futures, the contract traded $2.10 per short ton lower at $406.00. March soybean oil futures traded $0.37 cent lower at $51.29.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets and the export sales announced Thursday.
The USDA released its weekly Export Sales data. For corn, sales totaled 284,700 mt vs. the trade's expectations of 150,000-325,000 metric tons.
Wheat sales were estimated at a friendly 706,300 mt vs. the trade's thoughts of 225,000-375,000 mt.
For soybeans, the USDA estimated weekly sales at 135,800 mt vs. the trade's expectations of 700,000-1,100,000 mt.