Corn, soybeans to inch higher Thursday
The CME Group's corn, soybean, and wheat markets are expected to start higher Thursday.
The early calls for the commodities on Thursday, May 16, 2013, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 5 to 7 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the July corn futures contract traded 1 cent higher at $6.51 per bushel. The December corn futures traded 2 cents lower at $5.33. July soybean futures traded 4 cents higher at $14.17 per bushel, while November soybeans traded 5 cents higher at $12.14.
The July wheat traded 3 cents higher at $6.96. For July soybean meal futures, the contract traded 50 cents per short ton higher at $411.00. The July soybean oil futures traded 7 cents higher at $49.42.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the slightly higher overnight markets.