Corn, soybean prices to rise
With strong overnight follow-through, the CME Group corn, soybean and wheat markets are poised to jump higher Friday.
The Early Calls for the commodities on Friday. May 4, 2012, are higher.
Corn is seen opening 2-4 cents higher, soybeans 6-8 cents higher and wheat 3-4 cents higher.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.16 1/2 per bushel. July soybean futures traded 6 1/2 cents higher at $14.80 per bushel, and July wheat traded 3 1/2 cents higher at $6.19. For July soybean meal futures, the contract traded $2.50 per short ton higher at $428.90. July soybean oil futures traded $0.19 higher at $54.35.
The outside markets are unfriendly for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.