Corn to trade over all-time high
The CME Group corn and soybean markets are poised to extend gains, following hitting all-time high record prices overnight Thursday.
The Early Calls for the commodities on Thursday, July 19, 2012, are sharply higher. Corn is seen opening 13-15 cents higher, soybeans 32-34 cents higher, and wheat 13-15 cents higher.
In overnight trading, the Sep. corn reached an all-time high of $8.12 per bushel, while the Dec. contract traded 12 3/4 cents higher at $7.97. As the Aug. soybean futures hit an all-time high of $17.23, the Nov. soybean futures traded 29 cents higher at $16.49 per bushel. Sep. wheat futures traded 15 3/4 cents higher at $9.19.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the sharply higher overnight markets.