Higher Corn, Soybean Prices Seen Friday
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Friday, May 23, 2014, are higher. Corn is seen opening 3 to 4 cents higher, soybeans 6 to 8 cents higher, and wheat 1 to 2 cents higher.
In overnight trading, the July corn futures contract traded 2 cents higher at $4.78 per bushel. July soybean futures traded 6 1/2 cents higher at $15.25. The July wheat futures contract traded 2 3/4 cents higher at $6.62. For July soybean meal futures, the contract traded $4.10 per short ton higher at $505.60; July soybean oil futures traded $0.10 higher at $40.96.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.