Grain prices to rise Friday
After trading higher overnight, the CME Group's corn, soybean and wheat markets are expected to follow suit Friday.
The early calls for the commodities on Friday, August 23, 2013, are higher. Corn is seen opening 4-6 cents higher, soybeans 10-12 cents higher, and wheat 5-7 cents higher.
In overnight trading, the Sept. corn futures contract traded 6 cents higher at $4.94 per bushel. Dec. corn futures traded 4 cents higher at $4.68 per bushel. Sept. soybean futures traded 12 cents higher at $13.34, while the Nov. soybean futures traded 10 cents higher at $12.97. The Dec. wheat futures contract traded 3 cents higher at $6.43 For Dec. soybean meal futures, the contract traded $4.30 per short ton higher at $404.60; Dec. soybean oil futures traded $0.27 higher at $43.03.
The outside markets are slightly unfavorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.