Soybean rally seen continuing Thursday
On Thursday, the CME Group's soybean market is expected to start mostly lower.
The early calls for the commodities on Thursday, March 20, 2014, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 13 to 15 cents higher, and wheat 3 to 5 cents lower.
In overnight trading, the May corn futures contract traded 12 1/2 cents lower at $4.86 per bushel.
May soybean futures traded 14 3/4 cents higher at $14.46.
The May wheat futures contract traded 4 1/4 cents lower at $7.11. For May soybean meal futures, the contract traded $6.40 per short ton higher at $468.40; May soybean oil futures traded $0.06 lower at $42.04.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.