In overnight trading, the Dec. corn futures contract traded 8 cents higher at $8.24 per bushel. Nov. soybean futures traded 7 1/2 cents higher at $15.88 3/4 per bushel, and Sept. wheat traded 6 1/2 cents higher at $9.05 3/4. For soybean meal futures, the Dec. contract traded $2.30 per short ton higher at $480.00. Dec. soybean oil futures traded $0.24 higher at $52.63.
The outside markets are mostly unfavorable forThursday's grain trade. The real factors driving the calls will be the higher overnight markets.
USDA releases neutral-to-friendly Weekly Export Sales Thursday.
For corn, sales were totaled at 1.103 million metric tons vs. the trade's expectation of 1.0-2.0 mt.
Soybean exports, as of Sunday, were estimated at 300,600 mt vs. the trade's expectation of 200,000-450,000 mt.
USDA pegged U.S. wheat sales at 665,000 mt vs. the trade's expectation of between 400,000-650,000 mt.
