Friday grain trade seen starting higher
The grains managed slight gains in overnight trading, and that's expected to spill over to Friday's trading session, sources say.
Early calls for the grains are corn 2-4 higher, soybeans 5-7 higher and wheat 4-6 higher, according to private sources. In overnight trading, March corn was 1 1/2 cents per bushel higher at $5.96 1/4 per bushel, while January soybeans were 5 1/4 cents higher at $11.33 1/4 and March wheat was 4 cents higher at $6.06, according to Barchart.com.
Thursday's trade dipped lower on demand anxieties after USDA released lower-than-expected weekly export numbers. But, farmers say they're seeing strong demand domestically. It sets up a volatile market for a while, says Agriculture.com Marketing Talk senior contributor Palouser.
"Corn is still an amazing price in relation to today's production and still good demand...no, GREAT demand. That implies we will again have to evaluate threats to production next year," Palouser says. "We can't bank on reserves for a bad year. It points to unusual tension in the market for the foreseeable future."