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Europe pushes up corn, soybeans

10/27/2011 @ 8:03am

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.

Discuss the corn, soybean, and wheat price movements higher in Marketing Talk.

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