Grains called sharply higher Thursday
Look for a rebound in the CME Group grain pits Thursday, with early calls higher for corn, soybeans and wheat.
Early calls are 15-18 higher for corn, 28-32 higher for soybeans and 22-25 higher for wheat, according to private sources.
The grains were sharply higher in overnight electronic trading; As of 6:15 AM CST, December 2010 corn was 16 1/2 cents higher at $5.42 1/4 per bushel, while January soybeans were 29 1/2 higher at $12.34 1/2, according to Dow Jones Newswires. December wheat was 22 1/4 cents higher at $6.54 3/4 per bushel.
While some see the rebound as a correction after the recent days' losses, it also could be a seasonal upswing, based on a few key indicators, one farmer says. "Thursdays and Fridays have been the up days for the weeks lately too," writes Agriculture.com Marketing Talk member kinsman1909250. "I'm getting a lot of green lights here for a nice little rally to be coming up."