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Corn, soybeans seen up on QE3

09/14/2012 @ 7:34am

The CME Group corn, soybean and wheat markets have plenty of support to start the open outcry trading higher Friday. The Federal Reserves announcement of a Quantitative Easing stimulus package is sparking a broad-based buying frenzy.

The Early Calls for the commodities on Friday, September 14, 2012, are higher. Corn is seen opening 7-9 cents higher, soybeans 11-13 cents higher, and wheat 12-14 cents higher.

In overnight trading, the Dec. corn futures contract traded 7 cents higher at $7.80 3/4 per bushel. November soybean futures trade 11 3/4 cents higher at $17.59 per bushel, and Dec. wheat traded 14 1/2 cents higher at $9.16. For Dec. soybean meal futures, the contract traded $2.90 per short ton higher at $533.50. Dec. soybean oil futures traded $0.49 higher at $57.50.

The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.

Discuss the corn, soybean and wheat markets in Marketing Talk.

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