Friday's grain market seen higher
The CME Group corn, soybean and wheat markets are poised to start higher Friday.
The Early Calls for the commodities on Friday, February 17, 2012, are higher. Corn is seen opening 4-5 cents higher, soybeans 7-9 cents higher and wheat 8-10 cents higher.
In overnight trading, the March corn futures contract traded 4 3/4 cents higher at $6.41 per bushel. March soybean futures traded 7 cents higher at $12.65 3/4 per bushel, and March wheat traded 8 1/4 cents higher at $6.37. For March soybean meal futures, the contract traded $1.40 per short ton higher at $332.20. March soybean oil futures traded $0.39 higher at $53.44.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.
USDA announces Friday:
--120,000 mt of Soft Red Winter wheat were sold to an 'unknown' buyer for 2011-12 delivery.
--20,000 mt of U.S. soyoil were sold to Morocco for 2011-12 delivery.
--132,000 mt of U.S. corn were sold to South Korea for 2011-12 delivery.
--173,000 mt of U.S. soybeans were sold to China for 2011-12 delivery.
--2.75 million metric tons of U.S. soybeans were sold to China for 2012-13 delivery.