Grains turning higher for Friday
After a couple of lower days for the corn trade, it looks like things should turn around once Friday's CME Group session starts. After a higher overnight trade, prices look to begin Friday higher.
Early calls for the grains are corn 4-6 higher, soybeans 8-10 higher and wheat 8-10 higher, according to private sources.
As of 7:14 CST, December corn futures were 3 3/4 cents higher at $6.42 per bushel, while November soybeans were 7 cents higher at $12.64 and December wheat was 7 1/2 higher at $6.25 1/2, according to Barchart.com.
Though Friday's trade is seen by many as a correction for the corn and wheat market after 2 days of losses following USDA's crop production and supply/demand reports earlier this week, Friday's expected higher start is also indicative of more that: It's a sign that even though there are clear signals given by the grain fundamentals, outside markets will continue to factor into the grains, says Scott Shellady, ICAP Energy LLC Derivatives Manager.
"While supplies can be tight, and demand firm, the macro economic picture will have an impact in the day to day pricing of our products. Maybe not at delivery, but the fund and speculative money has a major impact," Shellady says.