Corn, soybean markets to rise Thursday
With follow-through from overnight trading, the CME Group corn, soybean, and wheat markets are expected to start floor trading higher at 9:30 a.m. CT Thursday.
Other factors that the market will consider today are the USDA Weekly Export Sales to be released at 7:30 a.m. CT and the USDA November Production and Supply/Demand Reports looming Friday.
The early calls for the commodities on Thursday, November 8, 2012, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 4 to 6 cents higher, and wheat 2 to 4 cents higher.
In overnight trading, the December corn futures contract traded 1/2 cent lower at $7.45 per bushel. November soybean futures traded 4 cents higher at $15.11 per bushel, and December wheat traded 2 cents higher at $8.96. For December soybean meal futures, the contract traded $1.20 per short ton higher at $470.70. December soybean oil futures traded 17 cents higher at $48.79.
The outside markets are mostly favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.