Higher Farm Markets 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, July 11, 2014, are stronger. Corn is seen opening 2 to 4 cents higher, soybeans 1 to 2 cents higher, and wheat 1 to 2 cents higher.
In overnight trading, the Dec. corn futures contract traded 2 cents higher at $3.94 per bushel. Nov. soybean futures traded 3/4 cent higher at $10.93. The Sep. wheat futures contract traded 1/4 cent higher at $5.48. For Dec. soybean meal futures, the contract traded $0.80 per short ton higher at $350.60; Dec. soybean oil futures traded $0.18 lower at $37.42.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.
Reminder: WASDE July Supply/Demand and USDA Crop Production Reports will be released at 11 a.m. CT.