Corn, soybeans to extend gains Thursday
The CME Group corn, soybean and wheat markets can expect to start higher, as overnight prices remained well supported by outside markets and drier crop-weather outlooks.
The Early Calls for the commodities on Thursday, June 7, 2012, are higher. Corn is seen opening 7-8 cents higher, soybeans 16-18 cents higher, and wheat 4-6 cents higher.
In overnight trading, the July corn futures contract traded 4 1/2 cents higher at $5.90 3/4 per bushel. July soybean futures traded 20 cents higher at $14.06 per bushel, and July wheat traded 4 1/4 cents higher at $6.28 1/2. For July soybean meal futures, the contract traded $7.90 per short ton higher at $422.50. July soybean oil futures traded $0.34 higher at $49.59.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.