Corn, soybean prices lean higher Friday
Following support from overnight trading, the CME Group's corn, soybean, and wheat markets are expected higher Friday.
The early calls for the commodities on Friday, May 3, 2013, are higher. Corn is seen opening 2 to 4 cents higher, soybeans 6 to 8 cents higher, and wheat 5 to 7 cents higher.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.64 per bushel. July soybean futures traded 6 cents higher at $13.78 per bushel, and July wheat traded 5 cents higher at $7.33. For July soybean meal futures, the contract traded $1.50 per short ton higher at $407.70. January soybean oil futures traded 32 cents higher at $48.81.
The outside markets are mostly favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.