Farm markets lean higher
The CME Group's corn, soybean, and wheat markets are expected to start higher Friday.
The early calls for the commodities on Friday, May 17, 2013, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 5 to 7 cents higher, and wheat 1 to 2 cents lower.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.43 per bushel. The December corn futures traded 1 cent higher at $5.25. July soybean futures traded 9 cents higher at $14.36 per bushel, while November soybeans traded 4 cents higher at $12.21. The July wheat traded 1 cent lower at $6.86. For July soybean meal futures, the contract traded $1.50 per short ton higher at $416.40. The July soybean oil futures traded 29 cents higher at $49.81.
The outside markets are slightly unfavorable for Friday's grain trade. The real factors driving the calls will be the slightly higher overnight markets.