Soybeans seen extending gains Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start mixed.
The early calls for the commodities on Thursday, February 27, 2014, are mostly weaker. Corn is seen opening 2 to 4 cents lower, soybeans 5 to 7 cents higher, and wheat 5 to 7 cents lower.
In overnight trading, the May corn futures contract traded 3 1/4 cents lower at $4.57 per bushel. May soybean futures traded 7 3/4 cents higher at $14.04. The May wheat futures contract traded 7 cents lower at $5.98. For May soybean meal futures, the contract traded $2.40 per short ton higher at $456.10; May soybean oil futures traded $0.16 lower at $41.30.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.