Farm markets to turn higher Friday
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Friday, July 26, 2013, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 3 to 5 cents higher, and wheat 8 to 10 cents higher.
In overnight trading, the Sept. corn futures contract traded 1 cent higher at $4.97 per bushel. Dec. corn futures traded 2 cents higher at $4.80 per bushel. Aug. soybean futures traded 3 cents higher at $13.58, while the Nov. soybean futures traded 3 cents higher at $12.27. The Sept. wheat futures contract traded 8 cents higher at $6.56. For Dec. soybean meal futures, the contract traded $5.10 per short ton higher at $370.60; Dec. soybean oil futures traded 25 cents lower at $43.60.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.