Europe pushes up corn, soybeans
With all markets reacting positively to the news out of Europe regarding a debt recovery plan, the CME Group corn, soybean, and wheat markets have a higher opening estimate Thursday.
The Early Calls for the commodities on Thursday, October 27, 2011, are sharply higher. Corn is seen opening 11-12 cents higher, soybeans 20-22 cents higher, and wheat up 14-16 cents.
In overnight electronic trading, the Dec. corn futures contract traded 11 cents higher at $6.48 1/4 per bushel. The Jan. soybean futures contract traded 23 3/4 cents higher at $12.43 1/2 per bushel. The Dec. wheat futures contract traded 14 3/4 cents higher at $6.34 1/4. For Dec. soymeal futures, the contract traded $5.60 per short ton higher at $322.60 and Dec. soyoil $1.16 higher at $52.05.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.