Farm markets to trade higher
With follow-through from overnight markets, the CME Group corn, soybean, and wheat prices are seen higher Thursday. Keep in mind, the USDA/WASDE monthly Supply/Demand Reports will be released at 11:00am CT Thursday..
The early calls for the commodities on Thursday, July 11, 2013, are higher. Corn is seen opening 5 to 7 cents higher, soybeans 8 to 10 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the Sept. corn futures contract traded 5 cents higher at $5.59 per bushel. Dec. corn futures traded 4 cents higher at $5.26 per bushel. Aug. soybean futures traded 10 cents higher at $14.74, while the Nov. soybean futures traded 7 cents higher at $12.91. The Sept. wheat futures contract traded 5 cents higher at $6.84. For Aug. soybean meal futures, the contract traded $5.10 per short ton higher at $454.80; Aug. soybean oil futures traded $0.12 higher at $47.14.
The outside markets are mostly favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.