Corn, Wheat Markets to Move Higher Thursday

August 20th, 2015

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Category: Grains, Oilseeds

CornSoybeanWheat450x299(Agriculture.com) – On Thursday, the CME Group’s corn, soybean and wheat markets are expected to start slightly higher.

The early calls for the commodities on Thursday, August 20, 2015, are mostly higher. Corn is seen opening 1-2 cents higher, soybeans 2-4 cents lower, and wheat 1-2 cents higher.

In overnight trading, the Sept. corn futures contract traded 2 1/4 cents higher at $3.69. Nov. soybean futures traded 1 1/2 cents lower at $8.92 1/4.

Sept. wheat futures contract traded 3 cents higher at $4.99. For Sept. soybean meal futures, the contract traded $1.10 per short ton higher at $325.10, Sept. soybean oil futures traded $0.23 lower at $27.66.

The outside markets are favorable for Thursday’s grain trade. The real factors driving the calls will be the mostly higher overnight markets.

USDA Weekly Export Sales for corn beat expectations Thursday:

Wheat= 314,400 metric tons vs. the trade’s expectations of 400,000-675,000 metric tons.
Corn= 859,100 mt vs. the trade’s expectations of between 300,000-750,000 mt.
Soybeans= 830,800 mt. vs. the trade’s expectations of  250,000-1,150,000mt.
Soybean meal =232,800 mt vs. the trade’s expectations of 25,000-300,000  metric tons.

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