Farm Markets Seen Higher Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Thursday, August 28, 2014, are stronger. Corn is seen opening 2 to 4 cents higher, soybeans 4 to 6 cents higher, and wheat 10 to 12 cents higher. In overnight trading, the Dec. corn futures contract traded 2 1/4 cents higher at $3.67 per bushel. Nov. soybean futures traded 4 1/2 cents higher at $10.28. The Dec. wheat futures contract traded 10 1/2 cents higher at $5.72.
For Dec. soybean meal futures, the contract traded $1.80 per short ton higher at $346.00; Dec. soybean oil futures traded $0.08 higher at $32.89.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.