Early calls for commodities
With follow-through from the overnight markets, combined with continued buying, the CME Group farm futures look to trade higher Friday.
The Early Calls for the commodities on Friday, October 21, 2011, are higher. Corn is seen opening 5-7 cents higher, soybeans 4-6 cents higher, and wheat up 3-5 cents.
In overnight electronic trading, the Dec. corn futures contract traded 5 1/2 cents higher at $6.55 per bushel. The Nov. soybean futures contract traded 4 3/4 cents higher at $12.29 3/4 per bushel. The Dec. wheat futures contract traded 3 cents higher at $6.33 3/4. For Dec. soymeal futures, the contract traded $1.60 per short ton higher at $321.90 and Dec. soyoil $0.18 higher at $51.57.
The outside markets are mostly unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.