Friday farm markets to jump
The CME Group corn, soybean and wheat markets will try to capitalize on continued world crop-weather concerns to trade higher Friday.
The Early Calls for the commodities on Friday, February 3, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 6-8 cents higher, and wheat 6-8 cents higher.
In overnight trading, the March corn futures contract traded 2 cents higher at $6.45 per bushel. March soybean futures traded 8 1/4 cents higher at $12.25 1/4 per bushel, and March wheat traded 6 cents higher at $6.68 3/4. For March soybean meal futures, the contract traded $1.80 per short ton higher at $325.20. March soybean oil futures traded $0.30 higher at $51.49.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.