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Drought sends grain markets higher

01/09/2012 @ 7:31am

With drought concern spreading in South America, along with a weaker U.S. dollar, the CME Group corn, soybeans and wheat prices will see a higher start Monday.

The Early Calls for the commodities on Monday, January 9, 2012, are higher. Corn is seen opening 8-9 cents higher, soybeans 9-11 cents higher, and wheat 10-12 cents higher.

In overnight trading, the March corn futures contract traded 7 1/2 cents higher at $6.51 per bushel. March soybean futures traded 9 3/4 cents higher at $12.06 1/4 per bushel, and March wheat traded 10 cents higher at $6.34 3/4. For March soybean meal futures, the contract traded $1.20 per short ton higher at $313.60. March soybean oil futures traded $0.64 higher at $51.76.

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


Discuss South America's drought and corn, soybean, and wheat markets in Marketing Talk.

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