Weak sales pressure farm markets Thursday
Without the help of export sales, the CME Group corn, soybean, and wheat markets could start trading lower at 9:30 a.m. (Central) Thursday.
The early calls for the commodities on Thursday, October 25, 2012, are lower. Corn is seen opening 2 to 4 cents lower, soybeans 2 to 4 cents lower, and wheat 3 to 5 cents higher.
In overnight trading, the December corn futures contract traded 3/4 of a cent lower at $7.53 per bushel. November soybean futures traded 3/4 of a cent lower at $15.69 per bushel, and Dec. wheat traded 4 1/4 cents higher at $8.79 For December soybean meal futures, the contract traded $1.40 per short ton lower at $480.50. December soybean oil futures traded 25 cents higher at $52.09.
The outside markets are mostly unfavorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.
On Thursday, the USDA released weekly export sales data.
For corn, USDA estimates sales of 142,300 mt vs. the trade's expectations of between 150,000-375,000 metric tons. The soybean exports were estimated at 522,200 mt, compared with the trade's expectations of between 600,000 and 900,000 mt.
For soymeal, the weekly exports were totaled at 176,500 vs. the trade's expectations of 150,000 to 250,000 mt.
In its report, the USDA pegged the U.S. wheat exports at 572,000 mt vs. the trade's expectations of 250,000-450,000 mt.