Farm markets seek higher end to week
After a week of choppy trading, the CME Group corn, soybean and wheat markets are set to start higher Friday.
The Early Calls for the commodities on Friday, September 21, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 4-6 cents higher, and wheat 7-9 cents higher.
In overnight trading, The Dec. futures corn contract is trading 3 cents higher at $7.49. Nov. soybean futures contract is trading 6 cents higher at $16.24. Dec. wheat futures are trading 8 cents higher at $8.88 per bushel. The Dec. soyoil futures contract is trading $0.13 lower at $55.92. The Dec. soymeal futures contract is trading $3.70 per short ton higher at $486.80.
In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is lower and the Dow Jones Industrials are seen opening higher.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.