Corn, soybeans seen up on QE3
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.