A Friday rally set for corn, soybeans
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start sharply higher.
The early calls for the commodities on Friday, March 7, 2014, are stronger. Corn is seen opening 9 to 10 cents higher, soybeans 16 to 18 cents higher, and wheat 13 to 15 cents higher.
In overnight trading, the May corn futures contract traded 9 cents higher at $5.00 per bushel. The July 2014 corn futures traded at $5.06. May soybean futures traded 18 3/4 cents higher at $14.56. The May wheat futures contract traded 15 cents higher at $6.61. For May soybean meal futures, the contract traded $6.60 per short ton higher at $457.50; May soybean oil futures traded $0.43 higher at $44.92.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.