Grains follow higher overnights
With follow-through from the overnight trade and favorable outside markets, the CME Group farm futures are poised to start higher Wednesday.
The Early Calls for the commodities on Wednesday, October 19, 2011, are higher.
In overnight electronic trading, the Dec. corn futures contract traded 5 1/2 cents higher at $6.49 1/2 per bushel. The Nov. soybean futures contract traded 4 cents higher at $12.54 3/4 per bushel. The Dec. wheat futures contract traded 5 3/4 cents higher at $6.31. For Dec. soymeal futures, the contract traded $1.40 per short ton higher at $325.70 and Dec. soyoil $0.26 higher at $52.96.
The outside markets are not supportive for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.