Farm markets seen up ahead of USDA
DES MOINES, Iowa (Agriculture.com)--With traders waiting for the USDA/WASDE Reports to be released at 11:00am CT, the CME Group corn, soybean markets are seen higher and wheat lower.
The early calls for the commodities on Friday, March 8, 2013, are mostly higher. Corn is seen opening 3-5 cents higher. Soybeans are seen 3-5 cents higher and wheat 1-2 cents lower.
In overnight trading, the May corn futures contract traded 3 cents higher at $6.94 per bushel. May soybean futures traded 3 cent higher at $14.76 per bushel, and May wheat traded 1 cent lower at $6.93. For May soybean meal futures, the contract traded $2.20 per short ton higher at $438.30. May soybean oil futures traded $0.04 cents lower at $50.57.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.